BOI-approved investments hit P720 billion

MANILA, Philippines — Investments approved by the Board of Investments (BOI) continued to rise, reaching P720 billion as of August or almost close to last year’s approval of P729 billion.

“We see now a recent positive BOI investment approval performance,” BOI governor Marjorie Ramos-Samaniego said in a forum organized by the Center for International Private Enterprise.

“The approved investment level as of August is actually equivalent to 72 percent of our original P1-trillion investment target,” she said.

The P720 billion approved investments accounted for nearly half or 48 percent of the BOI’s revised target of P1.5 trilllion for this year.

Samaniego cited the country’s move to allow 100 percent foreign ownership in renewable energy projects such as wind, solar, hydro, tidal and ocean energy as one of the factors that contributed to the high investment approvals.

“And with the recent registrations with BOI, we see now that the opening up of these energy projects actually contributed to the growth of our investment projects,” she said.

In July, the BOI reported that renewable energy/ power projects accounted for the bulk or 76.83 percent of total investment approvals in the first half with P536.5 billion worth of projects.

Trade Secretary and BOI chairman Alfredo Pascual said earlier that renewable energy projects are expected to account for a third of the P1.5 trillion target for this year.