New Jobs Seen 54% Up but Investments Dip 29%
Expected employment to be generated by new investments registered with the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) in the first semester jumped by 54 percent as against the same period last year.
But the bad news is that combined investments registered by the two government agencies declined by 29 percent to P20.486 billion from P28.762 billion in the same period last year.
Data showed the first half investments would generate 51,233 new job opportunities or 54 percent higher than the 33,250 jobs created during the same period last year despite a slowdown in investments inflow.
Trade and Industry Secretary Manuel A. Roxas II, who is also chairman of the BOI, attributed the increase in employment generation due to the higher number of projects approved.
There were 288 projects approved (179 by BOI and 109 by PEZA) as against 209 projects approved in the same period last year but this years undertakings were smaller in terms of size, with an average project cost of P71 million.
The slowdown during the first quarter may just be a temporary holding back of new investment decisions because in reality, existing businesses have been investing in additional capital assets during the first semester, Roxas said, adding that the 14. …