The Board of Investments (BOI) has approved nearly PHP1 trillion worth of projects in the first six months of the year. In a statement, the agency said the approved projects’ total value amounting to P950 billion is 36% higher than the P698 billion approved in the same period in 2023.
The BOI targets P1.3 billion to P1.5 billion worth of registered projects for the current year. Thus the agency has already hit 73% of its lower target or 63% of its higher end goal. It may likely achieve over 100% of its greater target for 2024.
The agency said foreign sources registered P286 billion worth of projects with the investment promotion agency (IPA), accounting for 30% of the total investment pledges.
Trade Secretary and BOI Chairman Alfredo Pascual expects these figures to continue growing for the rest of the year, banking on the investment pipeline from the Philippine government’s investment missions abroad.
Earlier, the Department of Trade and Industry (DTI) said it has 231 investment leads amounting to US$76.6 billion (PHP4.5 trillion) as of June this year. “Our strategic initiatives are vital for ensuring the Philippines attracts and retains global investments. We are committed to creating an enabling environment that supports business growth and development across various sectors,” Pascual said.
The DTI Secretary assured the Marcos administration will continue to implement policies that will foster a business-friendly environment, making the Philippines a highly competitive investment destination in the region.
“As we navigate the global economic landscape, our strategic focus on enhancing the ease of doing business and providing robust support for high-potential sectors is more crucial than ever. These efforts are pivotal in ensuring the Philippines remains a top-tier investment hub in Asia,” he emphasized.
