The Board of Investments (BOI) has registered P607.22 billion worth of projects as of mid-April, an increase of 15 percent from P527.25 billion in the same period in 2023.
In a report, the BOI said it registered 117 projects year-to date with investments from domestic companies accounting for 81 percent of total project cost at P494.27 billion.
One single project drove investments for the period, the P296.98-billion 1,400-megawatt (MW) pumped storage hydroelectric power plant project in Pakil, Laguna of Ahunan Power, a 100-percent Filipino company.
Another big project is the 450MW Frontier Bay wind power project in Cavite by Ivisan Windkraft Corp., a 75:25-percent Singaporean-Filipino company.
Trade Secretary Alfredo Pascual, BOI board chair, highlighted the significant investments from domestic sources as a signal to foreign investors of the trust and confidence of local businesses.
“We want local companies to commit investments here rather than bring their money out,” Pascual said.
The BOI is currently check listing pipeline investors for the next board meeting.
