The 11 investment promotion agencies (IPAs)in the Philippines have registered a total of just over $18 billion worth of investments in 2011, reflecting a hefty 37.57 per cent growth over $13 billion registered in 2010.
Of the total 2011 approved investments, foreign investments accounted for $6.5 billion while Filipino investors contributed the bulk of $11.5 billion.
Data showed that of the 11 IPAs, the Board of Investments, the government’s premier IPA, generated $8.75 billion followed by the Philippine Economic Zone Authority with $6.85 billion, Subic Bay Metropolitan Authority with $1.57 billion and Clark Development Corp. with $0.5 billion. Other IPAs including the Philippine Retirement Authority contributed $0.35 billion; Cagayan Economic Zone Authority, $0.21 billion and the balance was made from contributions from the Autonomous Region of Muslim Mindanao and The Phividec Industrial Authority.
The data also showed there were a total of 1,402 projects that the IPAs registered in 2011 as against 1,175 in 2010. Once the 2011 projects go into full commercial operation, these are expected to generate 195,637 employment opportunities as against 142,345 jobs for 2010 projects.