BUSINESS 5-month investment pledges topped P560b

By Othel V. Campos

INVESTMENT pledges received by the Board of Investments crossed the P500-billion mark in the firstfive months, boosting the agency’s confidence it would achieve the P1.5-trillion full-year target set by the Department of Trade and Industry.

BOI managing head and DTI Undersecretary Ceferino Rodolfo said over the weekend the approved investments registered with the BOI climbed by 172.3 percent in the fivemonth period to P560.2 billion from P205.72 billion in the same period

In Brief

DOF eyes P2.5b from sale of idle state assets this year

THE government is eyeing to raise P2.5 billion from the privatization of idle assets to finance vital development projects this year, Finance Secretary Benjamin Diokno said over the weekend.

“For the rest of 2023, the Privatization Council is targeting to privatize 137 properties with a total value of P2.5 billion,” Diokno said in a statement.

“This aggressive disposition of non-performing assets will not only clear the national government’s books of stagnant assets but will also provide additional much-needed revenue to fund priority projects in the Philippines,” Diokno said.

He said on May 31, 2023, the council approved the sale of six properties with a total value of P152.8 million.

Diokno said that within the first six months of the administration of President Ferdinand Marcos Jr., it approved the final sale of P800 million worth of assets for disposition.

Julito G. Rada

BOI studies allowing third model under CARS program

THE Board of Investments is studying whether it would allow the two participants in the extended vehicle incentives program to introduce a third model so that they may hit the required volume of local production.

Toyota Motor Philippines and Mitsubishi Motor Philippines Corp. are given another five years to deliver the volume under the extended Comprehensive Automotive Resurgence Strategy program.

BOI managing head Ceferino Rodolfo said Toyota’s enrolled model, the Vios, continued to perform well in the local market, but Mitsubishi’s Mirage may need more assistance if it is to reach the 200,000 units required under the program.

“I guess the participants should be the ones who need to propose this. We cannot propose for them. They may launch an all-new model revamp or introduce another model to comply with the volume requirement,” he said.

Rodolfo said the government is willing to listen and assist them so they can comply with the requirements and maximize the benefits given under CARS. Othel V. Campos

OFR Awards return to honor best retailers

THE prestigious and highly anticipated Outstanding Filipino Retailers Awards, after a three-year hiatus due to the pandemic, is making a remarkable comeback with a special edition on June 8, 2023 at Okada Manila.

Organized by the Philippine Retailers Association in collaboration with the Department of Trade and Industry, the OFR Awards aims to recognize exceptional Filipino retailers who have demonstrated unparalleled success, innovation and best business practices within the dynamic retail industry.

Since its inception in 1997, the OFR Awards has been the benchmark for acknowledging retailers who embody excellence in growth, creativity and business acumen. This highly anticipated event pays tribute to the ingenuity and resilience of Filipino retailers who have managed to stand out amidst challenges and rapidly evolving market trends. The OFR Awards will specifically recognize retailers who have displayed exceptional adaptability and responsiveness throughout the unprecedented COVID-19 pandemic.

These retailers have not only sustained their operations but have also made significant contributions to their organizations and communities during these trying times.

last year on the back of major foreign investments in renewable energy projects.

“Majority of the investment leads and approved investments are renewable energy projects. For the investments leads, at least half of that are

RE,” Rodolfo said, referring to wind, solar, geothermal and hydroelectric power projects.

Data from the BOI showed that among the biggest investments are wind farms in Cavite, Negros Occidental and Guimaras Island.

Other approved renewable energy projects are a hydro power project in Kalinga and Apayao and a solar power project in Isabela.

Rodolfo said the Department of Energy endorsed the renewable power projects to the BOI.

“The DOE does not, anymore, endorse coal-fired power projects,” he said. The BOI said of the total investment pledges from January to May, foreign investment approvals accounted for P403.86 billion, up by 7,075 percent from P5.62 billion in the same period last year.

Local investment commitments fell 21.86 percent to P156.35 billion from P200.1 billion a year earlier.

Expected employment from the 114 investment projects is about 21,151 jobs, up from 12,451 in 2022.

The DTI and BOI revised the 2023 investment forecast to P1.5 trillion, or 50 percent higher than original target of P1 trillion due to a robust pipeline of investment leads, including those generated through the foreign trips of President Ferdinand

Marcos Jr.

BOI is one of the major investment promotion agencies that provide fiscal and non-fiscal incentives to both foreign and local investors.

Other IPAs are the Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Clark Development Corp., Cagayan Economic Zone Authority, Authority of the Freeport Area of Bataan and BOIBangsamoro Autonomous Region in Muslim Mindanao.

The Philippine Statistics Authority reported that total investment approvals by the IPAs reached P480 billion in the first quarter, up 151 percent from a year ago.

By Jenniffer B. Austria

MREIT Inc., the real estate investment arm of Megaworld Corp., said it is open to adding shopping malls in its leasing portfolio as part of diversification strategy.

MREIT president and chief executive Kevin Tan said during the company’s annual stockholders meeting adding shopping malls owned by parent Megaworld is an “attractive diversification opportunity” for the group to expand its assets which are primarily composed of office towers.

NEW KFC STORE. KFC Philippines executives lead the opening of KFC Cayetano Blvd. Branch in Taguig City. The free-standing drive-thru store at the APASI Corporate Center, Cayetano Blvd. (formerly Levi Mariano Ave.) in Brgy. Ususan also has two stories of dining area. Attending the ribbon-cutting rites are (from left) KFC Philippines operations director Linda Jalandoni, general manager Maria Judith Marcelo, KFC Cayetano Blvd. Branch franchisee Albert Jocson together with his daughter Bea Louise and wife Lolith and franchising director Yvette Roldan.