(Graphics by DTI)
MANILA – The Board of Investments (BOI) has already approved nearly PHP1 trillion worth of projects in the first six months of the year, the agency reported on Thursday.
The BOI said in a statement that investment approvals from January to June 2024 jumped 36 percent to PHP950 billion from PHP698 billion in the same period last year.
The BOI is targeting PHP1.3 trillion to PHP1.5 trillion worth of registered projects for 2024.
This means that for the first half of the year alone, the BOI already hit 73 percent of its lower target or 63 percent of the target’s higher end.
The BOI said foreign sources registered PHP286 billion worth of projects with the investment promotion agency (IPA), accounting 30 percent of the total investment pledges.
Trade Secretary and BOI Chairman Alfredo Pascual expects these figures to continue growing for the rest of the year, banking on the investment pipeline from the Philippine government’s investment missions abroad.
Earlier, the Department of Trade and Industry (DTI) said it has 231 investment leads amounting to USD76.6 billion (PHP4.5 trillion) as of June 2024.
"Our strategic initiatives are vital for ensuring that the Philippines attracts and retains global investments. We are committed to creating an enabling environment that supports business growth and development across various sectors," Pascual said.
He added the Marcos administration will continue to implement policies that will foster a business-friendly environment, making the Philippines as a competitive investment destination in the region.
"As we navigate the global economic landscape, our strategic focus on enhancing the ease of doing business and providing robust support for high-potential sectors is more crucial than ever. These efforts are pivotal in ensuring the Philippines remains a top-tier investment hub in Asia," (PNA)
