P5.2tn worth of investments approved in past five years
A total of P5.2 trillion (approximately US$ 103 billion) in investments has been approved by the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) from 2016 to June 2021, according to data released by the Department of Trade and Industry (DTI).
The BOI approved PHP 4.33 trillion (approximately US$ 86 billion), while PEZA approved PHP 841 billion (approximately US$ 16 billion) investment contracts over the past five years.
Despite last year’s economic crisis due to the COVID-19 pandemic, approved investment registrations still rose to PHP1.11 trillion (approximately US$ 22 billion).
These contracts made by BOI and PEZA are forecasted to create over 804,000 jobs in the country.
“(The) UK was the biggest country source of the BOI-PEZA approved foreign investments, with PHP13 billion (33.4 percent). Japan came in next with PHP11.9 billion, followed by UAE with PHP4.5 billion, USA with PHP2.4 billion, and Cayman Islands with PHP1.1 billion,” the DTI added.
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