Fueled by energy projects), investments committed to the Board of Investments (BOI) rose 203 percent in the first half of 2023 to P698 billion from P230 billion in the same period in 2022, boosting the agency’s confidence to meet the P1.5 trillion goal for the year.
The BOI said it approved 155 projects as of the first semester, a 43-percent increase from 106 approved in the same period in 2022.
Once operational, these projects will employ 29,965 jobs nearly double than the 15,301 jobs to be generated by the projects approved last year.
Foreign investments in BOI projects surged 52-fold from P7.9 billion last year to P423 billion, accounting for 60 percent of total approvals.
The remaining 40 percent were from Filipino investors, at P275 billion or a 23-percent jump froM P222 billion a year ago.
Investments from Germany led all foreign commitments at P393 billion. This was followed by Singapore, P16.8 billion; the Netherlands, P3.57 billion; France, P2.04 billion and; the United States, P1.9 billion.
The BOI said investments in 30 renewable energy/power projects amounted to P536.5 billion, accounting for 76.83% of total investment approvals.
These were followed by 8 information and technology projects valued at P95.5 billion. Other sectors like transportation and storage attracted P21.3 billion investments; manufacturing, P16.1 billion and; agriculture, P6.4 billion.
One of the biggest projects approved in June is by Filipino-owned ISON Tower which is investing P58.7 billion to build and operate 4,600 build-to-suit towers and offer tower sharing services for mobile network operators
Western Visayas received the biggest investments at P306 billion, followed by CALABARZON P164 billion; Ilocos Region, P55.5 billion; Central Luzon, P28.7 billion and National Capital Region, P25.6 billion.
The BOI anticipates a continuous influx of investments throughout 2023, building upon the momentum of the first semester.
“The increasing number of investments approvals reflect the growing attractiveness of the Philippines as an investment destination and highlights the country’s potential for further economic growth and development. The successful and speedy implementation of investments means more stable and higher-paying jobs for Filipinos without unnecessary delays,” said Trade Secretary Alfredo Pascual, BOI chairman.
