Investment approvals up 86% to P1.07T – BoI

APPROVED foreign investments hit P1.07 trillion at the end of October, the Board of Investments (BoI) said, putting the agency a step closer to this year’s P1.5-billion target.

Pledges from abroad made up the bulk at P757.33 billion, BoI managing head Ceferino Rodolfo told reporters late on Thursday, while domestic investments stood at P316.22 billion.

The 10-month total translates to an 86-percent increase from the P576.21 billion recorded a year earlier, he added.

Germany accounted for the bulk of foreign investment commitments at P393.28 billion, followed by the Netherlands with P333.61 billion and Singapore with P17.07 billion.

Rounding out the top five were the United States with P2.63 billion and France with P2.04 billion.

By region, Western Visayas has the highest approved investments at P307.25 billion. It was followed by Calabarzon (P167.11 billion), Bicol (P162.92 billion), Eastern Visayas (P128.22 billion), and Ilocos (P122.18 billion).

Renewable energy and power, including solar, wind, water, and biomass projects, accounted for P899.79 billion, a 187-percent increase from last year’s P313.07 billion.

Information and technology secured approvals totaling P95.51 billion while transportation and storage, particularly in water transport, registered a share of P21.27 billion.

Manufacturing was also among the sectors that recorded high investment approvals at P16.37 billion, followed by administrative and support services with P8.94 billion and real estate with P8.40 billion.

“The BoI hitting the trillion mark in investment approvals proves that the Philippines is heading in the right direction to become Asia’s premier investment destination of choice,” Trade Secretary Alfredo Pascual said.

“But the job is not done. Together with our other investment promotion agencies, we will continue to work to generate more investments into the country to provide more jobs for our countrymen,” he added.

The BoI’s Rodolfo expressed confidence that the agency would be able to hit this year’s P1.5-trillion investment target.

“I am confident that we can make more investments happen in the Philippines before the year ends,” he said.

The BoI said that 2023 would be the third consecutive year of total investments topping P1 trillion following P1.14 trillion in 2019 and P1.02 trillion in 2020 despite the disruption of the Covid-19 pandemic.