TAGBILARAN CITY, Bohol (PIA) – The local economic outlook in Bohol is looking good this year with the expected influx of investors in the province. 

This was disclosed by provincial planning and development officer John Titus Vistal during the recent Capitol Reports program of the provincial government. 

Gov. Erico Aristotle Aumentado has earlier revealed that potential investments amounting to P29.3 billion were generated for Bohol in 2023, which would translate to more jobs for the locals. 

By the end of 2023, around 66 proponents have submitted letters of intent and proposals, of which 13 have already presented their investment projects before the local government officials. 

“These are investment proposals for power especially in renewable energy, which Bohol critically needs to power its industries, water, bulk water supply, wastewater management, mall development, retail, information technology, and  business process outsourcing as well as health and wellness,” said Maria Fe Dominese, economic development and investment promotions officer in the province. 

The estimated cost of all investments generated from the investors is pegged at P29.3 billion, she added.

More jobs for locals

Once realized, the multi-billion investments would create thousands of jobs in the province. 

“They would generate around 30,000 new jobs, and 60 to 70 percent of the manpower requirement would be supplied by local labor and talents based on the provincial investment code,” explained Dominese. 

The Bohol Investment Board has passed 17 resolutions supporting the investment proposals submitted to the province. 

The resolutions are necessary for prospective businesses to earn the government’s development council support for additional non-cash incentives or government assistance.

Dominese admitted that the investment process can take a long time, but the investment board is addressing this by reviewing the Bohol Investment Code. 

The Bohol Investment Code, which was enacted prior to the pandemic, sets the framework for a more appealing investment policy governed by the people, planet, and profit development roadmap.

“We have to perform a balancing act of fostering a business-friendly environment for micro, small and medium enterprises and large investments for a more sustainable economic development,” Dominese explained.   

She added that there is also a need to review the investment code of the local government units.

“The municipal investment codes need also to be reviewed to harmonize the offers (for investors) to locate in Bohol,” said Dominese. 

Economic upswing

While Bohol’s largely service-led tourism industry slumped during the pandemic with a negative 6.3 percent growth mark, it slowly picked up when the economy opened in 2021 with a 4.2 percent growth rate.

By the end of 2022, the local economy was up with a 7.1 percent growth rate, said Vistal. 

“Productivity went up to an unprecedented P171 billion in worth of goods and services Bohol produced in 2022,” Vistal said.  (RAHC/PIA7 Bohol)