THE Philippine Board of Investments (BOI) yesterday said it is close to hitting its P1-trillion investment target for 2023, after a 203 percent increase in approvals recorded in the first six months of the year.
According to the BOI, it approved P698 billion worth of investments in January to June, up from P230 billion last year. This covers P275 billion domestic investment approvals and P423 billion foreign investment approvals.
Broken down, the bulk of foreign capital came from Germany with P393 billion, followed by Singapore with P16.8 billion, the Netherlands (P3.57 billion), France (P2.04 billion), and the United States (P1.9 billion).
Investments into Western Visayas posted the top regional dispersion with P306 billion, Calabarzon with P164 billion, Ilocos Region with P55.5 billion, Central Luzon with P28.7 billion, and the National Capital Region with P25.6 billion.
In terms of industries, the bulk or 76.83 percent of total investment approvals were recorded in the renewable energy and power sector with 30 projects in solar, wind, hydropower, and biomass projects estimated to be worth P536.5 billion.
There were P95.5-billion worth of information and technology projects, P21.3-billion worth of five transportation and storage projects, P16.1-billion projects worth of manufacturing projects, and P6.4-billion worth of agriculture projects.
“The Philippines is poised to become Asia’s premier investment destination. The signs are emerging. Foreign investment pledges are at a record high,” Trade Secretary Alfredo Pascual said.
“The increasing number of investment approvals reflects the growing attractiveness of the Philippines as an investment destination and highlights the country’s potential for further economic growth and development. The successful and speedy implementation of investments means more stable and higher-paying jobs for Filipinos without unnecessary delays,” he added.
Latest data from the Bangko Sentral ng Pilipinas (BSP), however, show that foreign direct investments (FDIs) posted a year-to-date net inflow of $2.918 billion in January to April, down 18.0 percent from $3.561 billion the same period in 2022.
Malacañang in December said Marcos’ foreign visits in 2022 alone have generated $23.6 billion in investment pledges. He has since visited more countries including the US where $1.3-billion worth of pledges were reportedly secured.
Year-to-date FDI inflows for 2022 stood at $9.2 billion, 23.2 percent lower than $11.983 billion in 2021. (GMA Integrated News)
