Energy leads BOI to record P1.35 trillion in investment approvals

BY Manila Bulletin – Sep 17, 2024 05:27 AM

The Board of Investments (BOI) announced that it has achieved investment approvals totaling P1.35 trillion from January to mid-September, exceeding its initial target of P1.26 trillion for the year.

This year-to-date figure represents a substantial 82 percent increase compared to the P741.98 billion approved during the same period in the previous year.

The energy sector, particularly projects focused on renewable energy, emerged as the dominant force in investment approvals, accounting for a substantial P1.29 trillion.

Other major contributors included Real Estate Activities (Mass Housing) at P20.28 billion, Manufacturing at P12.13 billion, Agriculture, Forestry, and Fishing at P10.05 billion, and Administrative and Support Service Activities at P5.46 billion.

Frederick D. Go, Special Assistant to the President for Investment and Economic Affairs, praised the BOI’s achievements, highlighting how the approved investments align with the government’s strategic priorities.

“Key sectors – renewable energy, semiconductors & electronics, mining & mineral processing, food & agriculture, pharmaceuticals, and steel – as essential drivers of the country’s growth,” he stated.

Acting Trade Secretary Cristina Roque also commended the BOI’s success, noting that the investment approvals signify a stable and attractive environment for investors.

“These approvals represent more jobs for Filipinos, opportunities for MSMEs (micro, small, and medium enterprises) to be part of global value chains,” Roque said.

Filipino companies showcased their significant contribution by securing P1.01 trillion in approvals, a remarkable 221 percent increase from the previous year. The CALABARZON region led local investments with P602.63 billion, followed by Central Luzon and Western Visayas.

Foreign investments also played a crucial role, totaling P341.78 billion. Switzerland emerged as the leading foreign investor at P286.77 billion, followed by the Netherlands and Singapore.

Trade Undersecretary and BOI Managing Head, Ceferino S. Rodolfo, expressed optimism about the future.

“This accomplishment highlights both our agency’s unwavering commitment to nurturing a thriving investment landscape and in harnessing our country’s potential to be the prime investments destination for smart and sustainable manufacturing and services,” he said.