INVESTMENT commitments for the month of January grew by 14.6 percent to P3.74 billion compared to the P3.26 billion during the same period last year, showing increased investor confidence at the start of the year.

Department of Trade and Industry Secretary Gregory Domingo said on Friday that investment commitments for the month of January showed dispersion of investments in the countryside and among key sectors, signaling that economic activities in the country were becoming more widespread.

“We see strategic investments specifically in the sectors of tourism, energy and agriculture—priority areas that the government has identified to boost income and value-added as well as create more jobs in the rural areas,” he added.

According to the Board of Investments (BOI), Region 3 (Central Luzon) accounted for 38.18 percent of total investments, generating P1.42 billion; Region 10 (Northern Mindanao), 18.8 percent; and Region 7 (Central Visayas), 17.37 percent.

“Manufacturing will continue to be a critical driver of our economy, accounting for 24 percent of our GDP [gross domestic products] in 2011. This sector, together with tourism, agriculture and construction create important multiplier effect in generating jobs and in reducing poverty,” said Undersecretary and BOI Managing Head Adrian Cristobal Jr.

Investments in the manufacturing sector for January amounted to P496 million, or 13 percent of total investments approved. This was led by investments in motor vehicles manufacturing amounting to P368.4 million, BOI added.

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By Raadee S. Sausa