BOI approvals up 155% in Q1
MANILA, PHILIPPINES — Investment approvals in the Board of Investments (BOI) reached PHP463.3 billion (US$8.27 billion) in the first quarter of the year, up 155% from PHP181.7 billion (US$3.24 billion) in the same period last year.
According to the BOI, these pledges came from 68 projects in renewable energy, manufacturing, administrative services, transportation and storage, and agriculture industries.
“With investment prospects being very positive, and as we continue to receive serious interest from global investors, we are definitely on track to meeting our new annual investment target of PHP1.5 trillion,” Trade Secretary and BOI chairman Alfredo Pascual said in a statement.
Pascual said most of the investment commitments are from local investors, with pledges amounting to PHP297.9 billion (US$5.32 billion). Meanwhile, foreign investment surged by 3,722% to PHP165.4 billion (US$2.95 billion) in the quarter.
These approved projects are expected to generate 16,719 jobs for Filipinos.
The top foreign investors in BOI for Q1 2023 are Germany, the Netherlands, the United States, Japan, and the United Kingdom.
