The Board of Investments (BoI) said on Thursday it has approved $950 billion worth of proposed projects in the United States fifirst six months.
The fiThe first-half total is 36.1% higher than a year earlier, the BoI said in a statement.
Most of the investments approved in the six months to June came from domestic sources, while 30%, or 286 billion euros, came from abroad.
Trade Secretary and Chairman of the BoI, Alfredo E. Pascual, said that despite a 37% decline in foreign direct investment (FDI) during this period, he remains optimistic that the investment pipeline continues to build.
“Our confiThe development of the Philippine economy remains unaffected, supported by a 19% increase in foreign direct investment during the month fifirst four months of the year compared to last year,” said Mr Pascual.
“We also rely on the investment pipeline built on the high level of foreign investment approvals by the BoI,” he added.
The central bank said on Wednesday that net foreign direct investment inflows fell to a 10-month low in April at $556 million, down from $881 million a year earlier.
Meanwhile, net foreign direct investment inflows rose 18.7% to $3.53 billion in the four months to April.
Renewable energy investments continued to account for the majority of approvals, with the electricity, gas, steam and air conditioning sectors accounting for 96.3% of the total.
Agriculture, forestry, fiThe real estate and real estate industries also saw growth in potential investments during the period.
Region IV-A (Calabarzon) accounted for P592 billion of the approvals. Other top destinations included Region VI (Western Visayas) and Region III (Central Luzon).
To ensure that the Philippines can continue to attract global investments, Mr. Pascual cited the need for continued promotion and streamlining of administrative processes.
“Our strategic focus on increasing the ease of doing business and providing robust support to high-potential sectors is more important than ever,” he said.
“These efforts are critical to ensure that the Philippines remains a top investment center in Asia,” he added. — Justine Irish D. Table