BOI likely to miss investment approval targets for 2022
MANILA, PHILIPPINES — Still short by around P3 billion, the Board of Investments (BOI) will likely miss its 2022 investment target of P1 trillion.
Currently, the amount of approved investments is at P729 billion according to BOI.
However, BOI said that this year’s performance would nevertheless be better year on year as the latest investment tally was about 11 percent higher than 2021’s P655 billion.
Despite the lingering effects of the Covid-19 pandemic and a global drop in investments due to the Russia-Ukraine war, “the 2022 BOI approval levels clearly indicate that… investors continue to have strong confidence in the Philippine economy,” Trade Secretary Alfredo Pascual told reporters.
Ceferino Rodolfo, BOI vice chairman and managing head, said projected employment generation had also surged by 453 percent to 260,000 this year from around 47,000 in 2021.
Singapore, at 57 per cent, was said to be the top source of approved investments. Following were Japan (22 per cent), the United Kingdom (7 per cent), the United States (3 per cent), and the Virgin Islands and South Korea (2 per cent each).
