BOI approvals increase threefold in H1 2023

The Board of Investments (BOI) posted a threefold increment in investment approvals in January to June 2023 period, the agency reported Tuesday. BOI registered a total of PHP698 billion in the first half of the year, which is 203 percent higher than approved investments of PHP230 billion in the same period a year ago. These investment pledges came from 155 projects, which are expected to create 29,965 new jobs in the country. ‘The increasing number of investment approvals reflect the growing attractiveness of the Philippines as an investment destination and highlights the country’s potential for further economic growth and development,’ Trade Secretary and BOI Chairman Alfredo said. Bulk of the investment pledges in H1 2023 came from foreign sources amounting PHP423 billion, which surged by 5,264 percent from PHP7.89 billion in H1 2022. ‘The Philippines is poised to become Asia’s premier destination. The signs are emerging. Foreign investment pledges are at a record high,’ Pascual added. Germany is BOI’s largest source of foreign investment pledges in the H1 2023 with a combined capital of PHP393 billion. This is followed by Singapore at PHP16.8 billion, the Netherlands at PHP3.57 billion, France at PHP2.04 billion, and the United States at PHP1.9 billion. The majority of these countries were visited by President Ferdinand R. Marcos Jr., while Pascual also conducted investment missions in these nations. Thirty of the BOI-registered projects are in the sector of renewable energy at 77 percent, which is composed of solar, wind, hydropower, and biomass projects amounting to PHP536.5 billion. Eight of the approved projects are in information and technology sector with investments of PHP95.5 billion; five transportation and storage projects were valued at PHP21.3 billion; 21 manufacturing projects worth PHP16.1 billion, and 11 agriculture projects at PHP6.4 billion. In June, the investment promotion agency approved a PHP58.7-billion telecommunications tower project of Filipino-owned ISON Tower. Pascual sets the BOI investment approval target this year at PHP1.5 trillion.

Source: Philippines News Agency