The Board of Investments (BOI) has revised upwards its investment target for the year by 50 percent to P1.5 trillion from the original aim of P1 trillion.
That would be more than double the P729 billion registered last year. “Initially, we have set an already significant 37percent growth target, or P1 trillion for 2023, but with the very healthy flow of investment project applications during the first month of the year, we are adjusting the target upwards to P1.5 trillion,” Trade Secretary Alfredo Pascual, BOI board chairman, told reporters in a text message.
The BOI has so far approved P414.3 billion investments as of February 9, and is on the trail of P344 billion worth of project leads.
Pascual said the previous presidential visits have been contributing significantly to the robust list of investment leads, including companies that did not participate directly in activities held during the visits but are also strongly encouraged by the positive projection of the Philippines.
Pascual cited a robust pipeline of investment leads in renewable energy, data centers, electric vehicle assembly and infrastructure, export-oriented manufacturing, and telecommunications, among others.
Pascual also expressed confidence the participation of the Philippines in the Regional Comprehensive Economic Partnership can contribute to pushing investors to decide on setting up operations in the country.
Presidential trips have reportedly yielded P3.48 trillion worth of investments which have started to materialize in the form of 116 projects.
President Ferdinand Marcos Jr. has done 10 foreign trips to nine countries since becoming president in June 2022.
Pascual said a growing number of investors from around the globe, from Southeast Asia, the US, Belgium, China, and most recently Japan, have shown strong interest in putting in more investments into the country.
Pascual said investment prospects are very positive as the country continues to receive serious interest from global investors.
