The BOI said renewable energy projects accounted for the bulk of proposed investments last month at P27.43 billion, followed by water supply and distribution at P13.87 billion. File

MANILA, Philippines — Investment pledges approved by the Board of Investments (BOI) kicked off the year on a high note, soaring 538 percent to P51.3 billion in January from P8 billion in the same month last year.

The BOI said renewable energy projects accounted for the bulk of proposed investments last month at P27.43 billion, followed by water supply and distribution at P13.87 billion.

The agency said the biggest project registered last month is the P13.3-billion bulk water supply of APO Agua Infrastructura Inc. in Davao City.

Other notable projects are the three solar facilities of Solar Philippines Commercial Rooftop Projects Inc. – two in Cavite and one in Nueva Ecija – with a combined cost of P25.9 billion.

The BOI said these renewable energy projects would have a total power capacity of 587 megawatts (MW) when operational.

Listed low-cost housing developer 8990 Housing Development Corp. is also building a housing project worth P2.2 billion in Bulacan, while Eisberg Cold Logistics is putting up a P.1.4-billion integrated cold chain facility in Caloocan City.

“This reflects the strong confidence on the Duterte administration and all the positive reforms and programs being undertaken that created a sustainable growth momentum moving forward. This is the economic breakout we have been working for,” Trade Secretary and BOI chairman Ramon Lopez said.

Following a record high P617 billion investment approvals last year, BOI managing head Ceferino Rodolfo expressed confidence the agency can achieve its year-end target of P680 billion in 2018, a 10 percent improvement from last year’s level.

The BOI said regional dispersal of investments as recorded in 2017 has become a continuing trend at the start of the year as most of the investment projects registered are located in the provinces.

Cavite is the top recipient of projects with six totaling P17.9 billion, followed by Davao City with two projects worth a combined P13.6 billion and Nueva Ecija with P8.6 billion. These areas account for 78 percent of total approved projects for January.

This article first appeared on www.PhilStar.com