BOI, PEZA generate P718bn of investment pledges in 2021
The Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) earned combined investment pledges of P718.13 billion (US$ 13.9 billion) in 2021.
Of the total amount, the BOI raised P468 billion (US$9.12 billion) worth of approvals since the CREATE was implemented last April.
According to reports, the majority of these projects were approved under the incentives stated in the Corporate Recovery and Tax Incentives (CREATE) Law. These pledges are also expected to open about 77,520 jobs for the locals.
The Fiscal Incentives Review Board (FIRB) also adopted the 2020 BOI Investment Priorities Plan as its interim Strategic Investment Priority Plan to determine the economic activities that are eligible for tax and fiscal incentives.
Since the enactment of CREATE, the FIRB has also approved P110.466 billion (US$2.15 billion) in committed investments.
In terms of Foreign Direct Investments (FDI), the BOI reported a total of $7.3 billion FDIs in the first three quarters of 2021, up 43.8% from the same period in 2020. This puts the Philippines at the fourth highest in ASEAN for the last five years.
