WORKERS paint the fur of realistic pet plushies at a factory in Angeles City, Pampanga, March 10, 2023. — REUTERS/LISA MARIE DAVID

By Justine Irish D. Tabile, Reporter

THE Board of Investments (BoI) said that it is currently evaluating applications for 30 manufacturing projects which have a total cost of P33.54 billion.

BoI Investment Policy and Planning Service Director Sandra Marie S. Recolizado said the application forms and supporting documents for the 30 manufacturing projects have already been filed with the BoI.

“So, the projects really have the intention to apply if they are already in the checklisting phase,” she said in a Viber message.

During the “checklisting” phase, the BoI assesses the completeness of information in the application forms and supporting documents that have been submitted.

Data from the BoI as of July 14 showed that it is currently evaluating the 30 projects under the manufacturing industry. The projects are expected to generate 1,668 jobs.

From January to June, the BoI has already approved 14 manufacturing projects that have a combined project cost of P26.63 billion, reflecting a 165.08% increase from the P10.05 billion worth of manufacturing projects it approved in the same period last year.

The 14 manufacturing projects approved in the first half are expected to generate 5,725 jobs.

“The sustained rise in industrial production, coupled with increasing investor confidence, is laying the groundwork for significant employment opportunities for Filipinos,” said Trade Secretary and BoI Chairperson Ma. Cristina A. Roque in a statement on Monday.

Citing data from the Philippine Statistics Authority, the BoI said that the Philippine manufacturing sector’s output grew by 4.9% in May, signaling “robust economic activity and boosting job opportunities.”

“The surge in manufacturing output in the Philippines shows how we are taking advantage of opportunities to serve growing markets and, importantly, to provide jobs and income for our people,” said Ms. Roque.

Year on year, manufacturing output, measured by the volume of production index, climbed to 4.9% in May, faster than 4.2% in the same month last year and 4.3% in April.

It was also the quickest growth in 10 months, or since the 7.2% in July 2024.

“The growth in May was primarily driven by a 15.7% jump in the food products subsector, which accelerated from its 11.2% rise in April,” the BoI said.

“The manufacture of transport equipment also provided a major boost, with output increasing by 13.5%, nearly doubling the 7.4% growth recorded in the previous month,” it added.

The agency also noted the S&P Global Philippines Manufacturing Purchasing Managers’ Index  improved to 50.7 in June from 50.1 in May.

“This positive outlook on the manufacturing sector is a catalyst for the country’s economic growth and more job opportunities for Filipinos. When factories produce more, they need to hire more workers,” said Ms. Roque.

Meanwhile, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said that he expects US President Donald J. Trump’s reciprocal tariffs to dampen exports, thereby also slowing down investments.

“As some investments are export-oriented, uncertainties in exporter sales, inventories, and capacity would slow down new investments until uncertainties ease,” said Mr. Ricafort.

However, he said this could be offset by the Philippines’ largely consumer-driven economy, where consumer spending accounts for 75%.

He said that the country’s favorable demographics and fast-growing economy make it a compelling destination for foreign investors “as a source of more organic sales.”