By Justine Irish D. Tabile, <\/b>Reporter<\/i><\/p>\n
THE Board of Investments (BoI) announced that it is presently reviewing submissions for 30 manufacturing<\/span> initiatives with a cumulative budget of P33.54 billion.<\/p>\n BoI Investment Policy and Planning Service Director Sandra Marie S. Recolizado indicated that the application forms and accompanying documents for the 30 manufacturing initiatives have already been submitted to the BoI.<\/span><\/p>\n \u201cThus, the initiatives genuinely aim to apply since they are already in the checklist phase,\u201d she stated in a Viber message.<\/p>\n During the \u201cchecklist\u201d phase, the BoI evaluates the completeness of the information in the application forms and related documents that have been provided.<\/p>\n Data from the BoI as of July 14 revealed that it is currently assessing the 30 projects within the manufacturing sector. These initiatives are anticipated to create 1,668 employment opportunities.<\/p>\n From January to June, the BoI has already sanctioned 14 manufacturing projects with a total project cost of P26.63 billion, reflecting a 165.08% increase from the P10.05 billion worth of manufacturing initiatives it approved during the same timeframe last year.<\/p>\n The 14 manufacturing projects authorized in the first half are projected to generate 5,725 jobs. <\/span><\/p>\n \u201cThe consistent growth in industrial production, along with rising investor confidence, is establishing the foundation for substantial<\/span> employment prospects for Filipinos,\u201d remarked Trade Secretary and BoI Chairperson Ma. Cristina A. Roque in a statement on Monday.<\/p>\n Referencing information from the Philippine Statistics Authority, the BoI noted that the Philippine manufacturing sector\u2019s output surged by 4.9% in May, indicating \u201cvibrant economic activity and enhancing job prospects.\u201d<\/p>\n \u201cThe increase in manufacturing output in the Philippines highlights how we are capitalizing on opportunities to cater to expanding markets and, crucially, to provide jobs and earnings for our populace,\u201d stated Ms. Roque.<\/p>\n Year-over-year, manufacturing output, gauged by the volume of production index, rose to 4.9% in May, quicker than the 4.2% in the same month last year and 4.3% in April.<\/p>\n It also marked the fastest growth in 10 months, or since the 7.2% in July 2024.<\/p>\n \u201cThe increase in May was chiefly propelled by a 15.7% rise in the food products subsector, which accelerated from its 11.2% increase in April,\u201d the BoI noted.<\/p>\n \u201cThe production of transport equipment also gave a significant boost, with output expanding by 13.5%, almost doubling the 7.4% growth recorded in the preceding month,\u201d it added.<\/p>\n