BOI greenlights P126Bn investments during Marcos’ first 100 days
The Board of Investments (BOI) reportedly approved PHP125.7 billion (US$2.13 billion) worth of investments during President Ferdinand Marcos, Jr.’s first 100 days in the national office, according to data from the Department of Trade and Industry (DTI).
In a report, the DTI said that the top industries that were given the green light in this period belong to the “administrative and support; real estate activities; electricity, gas, steam and air conditioning supply; financial and insurance; and manufacturing.”
It added that the PHP125.7-billion investment approvals during the first three months of the new administration are expected to generate 9,000 fresh jobs for Filipinos.
Investment pledges in BOI from July to September 14, 2022 grew more than double from PHP62.3 billion (US$1.07 billion) worth of approvals for the entire third quarter of last year.
The Philippine Statistics Authority (PSA) added that BOI’s latest approval figure is 160% higher than the investment promotion agency’s (IPA) approvals in April to June 2022 period of PHP48.4 billion (US$821 million).
However, despite the soaring numbers, the DTI stated that the Marcos’ administration have to work harder in Q4 to achieve the BOI’s goal of PHP995.59 billion (US$16.9 billion) investment approvals for 2022.
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