Projects registered with the Board of Investments (BOI) grew 36 percent in the first half of 2024 to P950 billion from P698 billion in the same period in 2023.
In a report, the BOI said investments were driven by Filipinos with P664 billion or 70 percent of total.
The rest were foreign investments at P286 billion, the highest first semester BOI approval in the agency’ 57-year history.
The BOI noted the significance of this number following a 37- percent drop in net foreign direct investment in April as reported by the Bangko Sentral ng Pilipinas.
Despite this, the BOI said it remains optimistic given the buildup in the investment pipeline, supported by a 19- percent increase in FDI over the first four months of the year compared to last year.
“The April decline in FDI is viewed as a temporary setback, primarily influenced by global economic headwind,” said Trade Secretary Alfredo Pascual, BOI chairman.
The BOI report said investments in renewable energy dominate d in the first half with the electricity, gas, steam, and air conditioning supply sector drawing 96.3 percent of the total approved investments. Among these was a P 297-billion investment by Ahunan Power Inc. in CALABARZON (Region 4A).
In May, several large-scale BOI-approved projects were approved. These are the P150-billion expansion of solar energy capacity of Solar Solutions Inc. in Calabarzon and the P120-billion offshore wind energy project of BlueWave Energy.Foreign investments were led by Energy Global International from Germany for its P85-billion investment in a new manufacturing facility in CALABARZON and the P75-billion investment in hydroelectric power developments in Northern Mindanao of French firm Hydropower Venture
Region IVA (CALABARZON) captured the highest regional investment approval, totaling P592 billion.
