THE BOARD of Investments (BoI) has approved 225 investment commitments worth P1.35 trillion this year, already surpassing the 2023 total.
The value of approved investment commitments rose 82% as of September 16 from the P741.98 billion worth of projects approved a year earlier, the investment promotion agency said in a statement on Monday.
This also surpassed the P1.26 trillion in investment commitments approved by the BoI for the full year 2023.
“This achievement underlines both our agency’s continued commitment to nurturing a thriving investment landscape and to unleashing our country’s potential to be the premier investment destination for smart and sustainable manufacturing and services,” said Commerce Undersecretary and BoI Managing Director. Chief Ceferino S. Rodolfo said.
“We are excited to build on this momentum and work towards industrial transformation and economic growth that benefits from itFthey are all Filipinos,” he added.
The majority of the approved investments are in the energy sector, accounting for P1.29 trillion of the total. These are mainly renewable energy (RE) projects, the BoI said.
The government has seen higher investment in renewable energy projects after allowing full foreign ownership in the sector, which was previously limited to 40%.
The other top sectors were real estate (20.28 billion euros), manufacturing (12.13 billion euros), agriculture, forestry and Ffisheries (P10.05 billion), and administrative and support services (P5.46 billion).
The biggest contributors to project registrations were domestic companies, accounting for £1.01 trillion of total approved investment commitments to date. This represents an increase of 221% from a year ago.
Meanwhile, approved foreign investments were valued at P341.78 billion, which mainly came from Switzerland (P286.77 billion), the Netherlands (P39.58 billion), Singapore (P6.18 billion), the United States (P1.68 billion) . ) and Taiwan (P1.3 billion).
In terms of destination, P602.63 billion of the investments will go to areas in Cavite, Laguna, Batangas, Rizal and Quezon or the Calabarzon region.
The other top investment destinations are Central Luzon ($258.68 billion), Western Visayas ($238.88 billion), Bicol Region ($142.87 billion) and Ilocos Region ($62.68 billion).
“These investments are critical to strengthening the Philippines’ economic base. The focus on renewable energy and manufacturing will help drive sustainable growth, create thousands of jobs and improve the quality of life of Filipinos,” said Mr. Rodolfo.
“The strong investment interest from both local and foreign investors will drive long-term economic progress and position the country as a global leader in strategic investments,” he added.
For 2024, the BoI has an internal target of P1.6 trillion in investment approvals – a 27% increase from 2023 levels – amid a slew of projects in the pipeline, some of which have been approved for a green lane -treatment.
Executive Order No. 18, issued in February 2023, established green lanes at all government agencies to speed up the approval and registration process for priority or strategic investments.
The latest BoI data shows that 115 projects with a total cost of P3.2 trillion had been approved for green track status as of August. — Justine Irish D. Table