The Board of Investments (BOI) is tracking P1-trillion investment leads, a third of which are in renewable energy (RE), according to its managing head Ceferino Rodolfo.
Rodolfo reported investments in the first five months of 2023 soared 173 percent to P560 billon from P205.73 billion in the same period in 2022, and more than a third of the P1.5-trilion target for the year.
Three fourths or P404 billion are from foreign investors, representing a 7,075 percent increase from P5.63 billion a year ago.
According to Rodolfo, bulk of investments approved so far are in RE. The big ticket projects are P95 billion in Cavite and P148 billion in Negros Occidental and Guimaras. Other RE projects are solar in Pangasinan and in Isabela and hydro in Kalinga.
“We have noticed a lot of interest in RE since the government removed the ceiling in foreign equity participation. Hence we also noted the increase in foreign investments, which now account for 80 percent of total approved projects,” Rodolfo said.
Of the P1-trillion investment leads, P343 billion are in RE mostly in floating wind and floating solar as well as hydro by German, Singaporean and Chinese companies.
Other investments leads are in energy, P117 billion; infrastructure and logistics P105.61 billion; mining P77.7 billion and; manufacturing,P75 billion.
