By Elaine Ramos Alanguilan

Committed investments registered with the Board of Investments last year exceeded government targets.

Preliminary data showed the investments board approved P287 billion worth of projects last year, up 34 percent from P215 billion in 2007.

Trade Undersecretary and board managing head Elmer Hernandez said the lead investment promotions agency overshot its 12-percent growth target set early in 2007. The agency is releasing the final figures this month.

The board approved 352 projects in 2008 against 315 in 2007. Hernandez did not provide details.

The Philippine Economic Zone Authority, which gives incentives to locators in the country?s various economic zones, has not released its investment data.

Combined investments approved by the investments board in the first nine months hit P275.49 billion, or 74 percent of the preliminary data for the whole year, while those registered with Peza hit P94.38 billion.

The approved investments in the first nine months of 2008 already represented about 95 percent of the P391-billion combined target of the two agencies.

The two agencies approved 698 projects in the first nine months of last year compared with 560 projects on year. The projects once operational are expected to generate 147,705 jobs, up from 107,851 on year.

The electricity, gas and water supply sector accounted for the bulk or P127.5 billion of the approved investments, almost triple the P45.83 billion it registered in the same period in 2007.

Investments in the manufacturing sector rose to P104.37 billion from P77.65 billion followed by real estate, renting and business activities with P73.09 billion from P40.69 billion in 2007.

Transport, storage and communication posted P15.38 billion in investments from P6.23 billion in 2007.

The infrastructure and industrial services sector accounted for P12.95 billion from zero in the January-September period last year.

Filipino companies contributed over 60 percent of the investments during the period.

The Dutch emerged as the biggest investors in the first nine months of 2007 with P36.9 billion, followed by Great Britain with P24.88 billion, and South Korea with P22.03 billion.

Big-ticket projects last year included the P34.38-billion naphtha cracker project of the Gokongwei-owned JG Summit Olefins Corp. and the power project of Global Business Power Corp., P22.14 billion; and Kepco SPC Power Corp., P19.95 billion.