MANILA: Investment approvals at the Board of Investments (BOI) has reached PHP1.16 trillion as of Dec. 18, which already exceeded the pre-pandemic level. The BOI reported that the current approved investments were higher than the PHP1.14 trillion pledges in 2019. This is also a record-high investment approvals for BOI for the past 56 years. It also jumped by 59 percent compared to 2022's investment approvals of PHP729.1 billion. 'The BOI hitting PHP1.16 trillion for 2023 reaffirms strong investor confidence in the administration of President Ferdinand R. Marcos Jr., their responsiveness to the policy initiatives of the President and the effectiveness of the aggressive investment promotion activities under the 'Make It Happen in the Philippines 'campaign,' Trade Secretary and BOI Chairman Alfredo Pascual said. The PHP1.6 trillion investment pledges came from 303 projects, which are expected to produce 47,195 jobs once they are all fully operational. A big chunk of the approved investments were in the pow er sector, especially renewable energy projects, amounting to PHP986.14 billion, increasing by 14 percent from PHP409.03 billion last year. The increase in investment approvals in the power sector this year can be attributed to seven offshore wind projects in Cavite, Laguna, Dagupan, San Miguel Bay, Negros, and Northern Samar with total investments of PHP759.84 billion. Investments in the information and communications technology sector were also robust at PHP96.16 billion. The BOI also approved PHP22.03 billion investments in the manufacturing sector, PHP20 billion in the infrastructure sector, and PHP15.63 billion in real estate activities. The investment promotion agency (IPA) also recorded a 452-percent surge in pledges from foreign sources amounting to PHP763.22 billion. Top foreign investors at BOI this year were Germany, with total pledges of PHP393.28 billion, the Netherlands at PHP333.61 billion, Singapore at PHP17.38 billion, and the United States at PHP3.38 billion. 'There are three more proj ects worth about PHP350 billion that are currently being assessed and, if they are able to comply with both the substantive and transparency requirements, they may be able to make it to the BOI Board and ManCom (Management Committee) deliberations on December 28th-our last for the year,' Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said. The BOI targets to approve a total of PHP1.5 trillion investment pledges this year. Source: Philippines News Agency
