After hitting P950 billion in project registrations in the first half of the year, the Board of Investments (BOI) is poised to increase the upper end of its target for 2024 by P600 billion to P1.6 trillion from P1.5 trillion.
Ceferino Rodolfo, BOI managing head, told reporters the agency anticipates more than P1 trillion worth of pipeline projects that have yet to register with any investment promotion agency (IPA).
Rodolfo said P1.31 trillion out of P2.3 trillion projects endorsed for green lane processing as of June 20 have registered.
“We are aggressive in promoting and converting these pipeline projects into actual registration,” Rodolfo said.
The upward revision comes notwithstanding the 37- percent drop in net foreign direct investment in April as reported by the Bangko Sentral ng Pilipinas.
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.
As of the first half, the BOI has achieved more than half of its original projection range of P1.25 trillion to P1.5 trillion in investments, growing 36 percent to P950 billion from P698 billion in the same period in 2023.
