HITTING TARGET. Trade Secretary Alfredo Pascual remains hopeful to hit the PHP1.5 trillion investment approvals target of the Board of Investments for 2023 despite the economic headwinds. As of October, BOI approved more than PHP1 trillion worth of projects. (File photo)
MANILA – In just a month, the Board of Investments (BOI) approved more than PHP250 billion worth of projects as pledges in the investment promotion agency (IPA) breached the PHP1 trillion mark this month, Trade Secretary and BOI Chairman Alfredo Pascual said.
“We have exceeded already PHP1 trillion. We have reached PHP1.2 (trillion) as of October, if I’m not mistaken,” Pascual told reporters on the sidelines of the opening of Franchise Asia Philippines 2023 in Pasay City on Friday.
He said despite the many headwinds both in the local and the global market, the BOI hopes to achieve its PHP1.5 trillion target investment approvals this year.
“There are many headwinds, but we should exert more effort. We are very happy that investors see the Philippines with great potential,” Pascual added.
As of September, BOI approved around PHP740 billion worth of investment pledges.
The BOI is also introducing new policies that will promote sustainability and modernize industries.
Last week, the IPA issued a memorandum circular that will give more incentives to BOI-registered projects that will produce and supply their own power through renewable energy.
Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said early this week that the agency will be releasing a similar policy intended to promote additional investments in modernizing the agriculture sector.
The PHP1.5 trillion target investment approvals of BOI this year is more than double the PHP729 billion worth of project registrations with the IPA in 2022.
The 2023 target is set to be record-high approvals of the BOI. (PNA)
