BOI-approved investments soar 203 percent

In first half

MANILA, Philippines — Investments approved by the Board of Investments (BOI) jumped by 203 percent in the first semester from a year ago, showing the Philippines is becoming a more attractive location for investors.

In a statement yesterday, the BOI said it approved P698 billion worth of investments for 155 projects in the first half of the year, much higher than the P230 billion in the same period in 2022.

The investments are expected to generate 29,965 jobs.

“The increasing number of investments approvals reflect 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,” Trade Secretary and BOI chairman Alfredo Pascual said.

Of the total approved investments, bulk or 60 percent were accounted for by foreign investments amounting to P423 billion in the January to June period, a 52-fold increase from only P7.89 billion in the same period last year.

“The Philippines is poised to become Asia’s premier investment destination. The signs are emerging. Foreign investment pledges are at a record high,” Pascual said.

Meanwhile, domestic investments approved by the BOI rose 24 percent to P275 billion in the first semester.

In terms of foreign investment sources, Germany topped the list with P393 billion. This was followed by Singapore (P16.8 billion), the Netherlands (P3.57 billion), France (P2.04 billion), and the US (P1.9 billion).

When it comes to the location of approved investments, Western Visayas ranked first with P306 billion. CALABARZON (Cavite-Laguna-Batangas-Rizal-Quezon) came in next with P164 billion, followed by Ilocos Region with P55.5 billion,  Central Luzon with P28.7 billion, and the National Capital Region with P25.6 billion.

By sector, renewable energy or power got the largest share or 76.83 percent of total investment approvals in the first semester with 30 projects in solar, wind, hydropower, and biomass projects worth P536.5 billion.

Information and technology projects accounted for eight projects with investments amounting to P95.5 billion.

The BOI also approved five transportation and storage projects with investments amounting to P21.3 billion, as well as 21 manufacturing projects worth P16.1 billion and 11 agriculture projects valued at P6.4 billion.

A notable project approved last month was Filipino-owned ISON Tower’s P58.7 billion telco project, which will involve the construction and operation of 4,600 build-to-suit towers (ground based towers and roof top towers) and offer tower sharing services for mobile network operators.

The BOI has set a P1.5 trillion investment approvals target for this year.

For the rest of the year, the BOI expects a continued influx of investments as measures to improve the ease of doing business are being implemented by the government.

Last week, the government launched the green lanes to expedite, streamline and automate the approval and registration process for priority or strategic investments.