San Miguel Aerocity Inc.’s P530.8-billion airport project in Bulacan has obtained approval from the Board of Investments (BOI), boosting the commitments to the agency by 112 percent as of June.

In a report, BOI said approved investments in the first half of the year tallied at P645.3 billion from P304.4. billion in the same period in 2019.

Trade Secretary Ramon Lopez, BOI chairman, in a statement said the increased investments is a sign the “ economy is humming back to life with industry conditions becoming stable” and expressed optimism the economy will recover by the third quarter with a positive growth.

Lopez added the rebound in investments is expected since the Philippines is still considered one of the top investment destinations for the medium to long-term.

San Miguel’s project lifted investments from domestic sources to 166 percent to P626.7 billion from P235.6 billion last year.

The airport t is also the lone infrastructure project registered for the year. Upon commercial operation, the airport shall have generated 14,000 jobs,

In September last year, the Department of Transportation gave San Miguel Aerocity Inc., a wholly owned company of San Miguel Holdings Corp., a notice to proceed with the project for the financing, design, construction, operations and maintenance of the Bulacan International Airport. The concession period spans 50 years.

The Bulacan International Airport is envisioned to help decongest the Ninoy Aquino International Airport and complement the operations of Clark International Airport.

The new gateway will have four parallel runways , eight taxiways, a passenger terminal building with a design capacity of 100 million to 200 million passengers per year, and airfield facilities and equipment. An eight-kilometer toll road connecting the Bulacan Airport to the North Luzon Expressway will also be constructed.

“It is important to highlight the strategic nature of the projects and their important contribution towards building a more modern Philippines. The project proponents have reaffirmed their commitment to the immediate implementation of these infrastructure, ICT (information and communication technology) and transport projects—towards completion in the medium-to long-term term. Prior to approval of the big-ticket projects, the BOI required them to provide written confirmation of their commitment,” Lopez said.

The other sectors and their investments are the transportation and storage, P86.7 billion; real estate, P9 billion; renewable energy/power, P5.3 billion; manufacturing, P3.8 billion and; accommodation (tourism), P3.8 billion.

A total of 96 projects were approved and once in commercial operations, will generate 27,082 jobs, a jump of 57.3 percent from 17,214 in the same period last year.”

Foreign investments in the first half plunged 73 percent to P18.6 billion from P69 billion a year ago. Pledges were led by France with P1.5 billion approved investments followed by the Netherlands, P1.06 billion and Japan , P790 million.

Other significant investments include Seaoil’s P654-million downstream petroleum project in La Union, Gigasol3 Inc.’s P2.4-billion 63 MW solar project in Central Luzon, Royale Cold Storage North Inc.’s P1.5 billion storage facility in Laguna and Heineken International BV’s P1-billion brewery.