BOI approvals hit P729Bn in 2022
MANILA, PHILIPPINES — The Board of Investments (BOI) approved a total of P729 billion (US$13.2 billion) of investments in 2022, up 11.63% from the P655 billion (US$11.9 billion) tallied in 2021.
According to Department of Trade and Industry (DTI) Undersecretary and BOI Managing Head Ceferino Rodolfo, the power and ICT sectors were the key growth drivers for this year.
In particular, renewable energy contributed around 56% share of investments within the agency this year, followed by data centers and telco towers with 28%.
The BOI also cited a P52.3 billion (US$948 million) investment in projects related to electric vehicles (EVs) such as charging stations.
Rodolfo noted that the approved 2022 projects are expected to create 260,000 new jobs, up 454% from 2021’s figures.
DTI Secretary and BOI Chairman Alfredo Pascual said that the high approval levels for this year indicate that investors continue to have strong confidence in the Philippine economy despite the pandemic and the Russia-Ukraine war.
For 2023, the board is looking to have P1 trillion in investment approvals due to strong leads generated by multiple Missions and Presidential Visits made to other countries.
