Manila:Investment czar and Finance Secretary Frederick Go announced that the country's top investment promotion agencies have recorded higher investment approvals this year.
According to Philippines News Agency, Go detailed that the Board of Investments (BOI), the Philippine Economic Zone Authority (PEZA), and the Bases Conversion and Development Authority (BCDA) approved a total of PHP1.40 trillion in investments as of the end of October. This figure marks a 39% increase compared to the PHP1.01 trillion recorded last year.
Of the total approved investments, the BOI accounted for PHP942.86 billion, reflecting an increase of 22.34% from the previous year. Investments approved by PEZA rose by 76.56% to reach PHP309.63 billion, surpassing its PHP300 billion target for the year. Meanwhile, the BCDA approved investments amounting to PHP145.46 billion, which is 142.53% higher than last year's figures.
Go emphasized that these approvals demonstrate the impact of reforms and programs implemented by the administration of President Ferdinand R. Marcos, Jr. since 2022. He highlighted that each investment brings benefits to employers, workers, suppliers, and service providers, contributing to business growth, wage payments, government revenue generation, and public service funding.
