go through Justin Ireland D. Table, reporter
The Investment Commission (BOI) said it is currently being evaluated 30 kinds of manufacturing applications Projects with a total cost of 33.54 billion pesos.
Sandra Marie S. Recolizado, director of investment policy and planning services at BOI, said that application forms and support documents for 30 manufacturing projects have been submitted to BOI.
“So, if the projects are already in the checklist phase, these projects are indeed interested in applying,” she said in a Viber message.
During the “Checklist” phase, the BOI evaluates the integrity of the information in the submitted application form and support documents.
As of July 14, BOI data showed that 30 projects under the manufacturing industry are currently being evaluated. The projects are expected to generate 1,668 jobs.
From January to June, BOI has approved 14 manufacturing projects with a combined cost of pesos of 26.63 billion, reflecting a 165.08% increase over the P1.05 billion worth of manufacturing projects approved in the same period last year.
The 14 manufacturing projects approved in the first half of the year are expected to generate 5,725 jobs.
“The continued growth of industrial production, coupled with investor confidence, has laid the foundation for this Important Employment opportunities for Filipinos.
BOI cited data from the Philippine Bureau of Statistics, which saw the Philippines manufacturing output rise 4.9% in May, indicating “strong economic activity and promoting jobs”.
“The surge in manufacturing output in the Philippines shows how we can take advantage of opportunities to serve the evolving market and, importantly, provide employment and income for our employees,” Ms. Rock said.
By year, manufacturing output, measured by production index volume, rose to 4.9% in May, faster than 4.2% in the same month last year, and to 4.3% in April.
This is also the fastest growth in 10 months, or since July 2024 7.2%.
“The growth in May was mainly due to a 15.7% increase in food subunits, which was 11.2% increase in April,” BOI said.
It added: “The manufacturing of transport equipment also provided a significant boost, with output increasing by 13.5%, almost doubled the 7.4% increase recorded last month.”
The agency also noted the S&P Global Philippines Manufacturing Purchasing Manager Index May’s 50.1 increased to 50.7 in June.
“This positive prospect for manufacturing is a catalyst for economic growth in the country and more employment opportunities for Filipinos. When factories produce more, they need to hire more workers,” Ms. Rock said.
Meanwhile, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said he hopes that President Donald J. Trump’s reciprocal tariffs will lower exports, thereby slowing investment.
“Because some investments are export-oriented, uncertainties in exporter sales, inventory and capacity will slow down new investments until uncertainty is relaxed,” Mr Ricafort said.
However, he said this could be offset by the Philippines’ major consumer-driven economy, with consumer spending accounting for 75%.
He said the country’s favorable demographics and fast-growing economy make it a compelling destination for foreign investors to “become a source of more organic sales.”
