Trade Secretary Ramon M. Lopez said the Central Visayas region was among the important investment destinations in 2018 as the region received around P61 billion worth of investment pledges.
Among the regions outside Metro Manila, Central Visayas - composed of Cebu, Bohol, Negros Oriental and Siquijor - received the fourth largest amount of investments registered with the Board of Investments (BOI) last year.
“Investments are taking place outside Metro Manila, accounting for 86% of the total,” he said during the Dutertenomics 2.0 on Monday, January 28.
Lopez said the largest amount of investments last year went to Northern Mindanao (Region 10) at P228.8 billion.
Other top investment destinations in the country were: Calabarzon (Region 4), P185 billion; Central Luzon (Region 3), P169.3 billion; National Capital Region (NCR), P131.4 billion; Central Visayas (Region 7), P61.1 billion; Caraga (Region 13), P58.2 billion; and Davao (Region 11).
Investments approved by the BOI hit a new high of P915 billion last year, Lopez said.
“Such is the confidence attributed to the Duterte administration that encouraged a lot of investments, investments that went into expanding and deepening industrial capabilities in steel, cement, petrochemical and plastics, automotive and sugar milling, among others,” he said.
Manufacturing posted a 326% growth in investments, reaching P409 billion in 2018. Transport and storage hit 669% growth; water and sewage, 1,494% growth; retail, 202%; and accommodation, 253%.
Lopez also noted a huge increase in foreign investments, 378% growth to P104.08 billion in 2018 from P21.7 billion in 2017.
Domestic investments, on the other hand, increased 36% in 2018 to P811 billion from P595 billion in 2017. (Ventures Cebu)