Investments with equity from Chinese companies and registered with the Board of Investments (BOI) hit P1 billion as of the first three quarters of the year, representing a 237- percent increase from P296 million in the same period in 2023.
This places China the 7th largest investor by nationality in the BOI.
Overall, China was the sixth top investor among investment promotion agencies in 2023 with approved investments of P6.778 billion.
The BOI said these numbers are expected to improve further following a six-day roadshow in China earlier this month.
BOI managing head Ceferino Rodolfo in a statement said at the roundtable held in Xiamen, five companies discussed investment and expansion plans in the Philippines in electric vehicles and consumer goods manufacturing, infrastructure, green metals, and mining activities.
Rodolfo did not identify the companies.
“Throughout the six days (September 8 to 13) of the Investment Promotion Roadshow, we generated significant interest from various sectors. We conveyed to the investors that our goal is to transform the Philippine economy to enter a virtuous cycle of sustained economic growth. Events like this showcase the Philippines’ proposition as the regional hub for smart and sustainable manufacturing and services industries, that will ultimately generate green and sustainable jobs for the Filipino people, which has been our primary objective,” said Rodolfo.
Throughout the roadshow, the BOI engaged with a total of 21 companies in various sectors, such as renewable energy (RE) equipment manufacturing, EV manufacturing, and agribusiness.
Rodolfo discussed the Corporate Recovery and Tax Incentives for Enterprises Act, the Philippines’ advantages on preferential market access, and the sectoral opportunities in the Philippines.
Rodolfo also had a meeting with Secretary Algernon Yau of the Commerce and Economic Development Bureau of Hong Kong. Further cooperation and possible collaboration efforts between the two countries were discussed but no details were disclosed.
Covering Beijing, Hong Kong, and Xiamen, the roadshow also featured the Philippines’ participation in the 2024 China International Fair for Investment and Trade in Xiamen.
