BOI hits nearly 50% of 2023 pledges in Q1 of 2024

The Board of Investments (BOI) has registered P607.22 billion worth of investment projects from January to April 17 this year.

BOI Director Sandra Marie Recolizado said the figure is almost half of the registered projects for the full year of 2023, valued at P1.26 trillion. She told media reporters  the approved investments during the past four months was 15% higher than the P527.24 billion posted during the same period last year.

The recent investment approvals were also equivalent to 40% of the higher end of BOI’s P1.5 trillion registration target for this year. Recolizado said the investment commitments in nearly four months came from 117 projects, mostly from local investors.

He said 81% of the investment pledges came from Filipino sources, with total latest BOI approvals amounting to P494.37 billion.

“Let’s not underestimate domestic investments because that’s why we really encourage our domestic investors to commit their capital to projects in our country,  rather than bringing out their money, their capital outside the Philippines,” Trade Secretary and BOI chair Alfredo Pascual said.

Recolizado also mentioned two big-ticket investments from year-to-date, which are all renewable energy projects. The top approved investment for the period is the P297-billion Pakil Pumped Storage Hydroelectric Power Plant in Laguna province of Ahunan Power, Inc., a 100-percent Filipino enterprise.

The project is expected to produce 1,400 megawatts of clean and renewable energy for the growing electricity needs of the country.

The second highest BOI-approved investment for the period is Ivisan Windkraft Corp.’s 450-MW Frontera Bay Wind Power Project in Cavite province, a 75-25 Singaporean-Filipino investment venture. (With PNA)