TOTAL investments approved by the Board of Investments (BOI) for the first quarter of 2012 were down by 83.36 percent compared to the same period last year, officials of the Department of Trade and Industry (DTI) said on Tuesday.
BOI records showed that from January to March this year, a total of P18.37 billion was invested in 72 approved projects compared to a total of P110.4 billion that went to 62 approved projects for the same period in 2011.
The big-ticket Bataan Refinery project of Petron worth P74.83 billion and approved in the first quarter of last year spelled the difference, Trade Secretary Gregory Domingo said.
According to the trade secretary, the total approved investments and projects for the first quarter of 2012 alone are expected to generate 8,622 jobs. The figure, however, is down by 20.05 percent
compared to the same period last year, which were projected to generate 10,784 jobs.
Q1 investments fall by 83 percent