MANILA – The Board of Investments (BOI) registered a total of PHP640.22 billion worth of projects in the first five months of the year, attributing the figure to the investment pledges bagged by President Ferdinand R. Marcos Jr. in his official foreign missions.
BOI said the investment approvals from January to May this year increased by 14 percent from PHP562.9 billion investments registered in the same period in 2023.
"This positive trend can be attributed to various factors, including the investment leads generated from the presidential visits of President Ferdinand R. Marcos, Jr. since 2022. These visits, along with the efforts of the BOI and other Investment Promotion Agencies (IPAs), have been instrumental in converting potential investment interests into actualized projects and foreign direct investments (FDIs)," BOI said in a statement over the weekend.
Approved investments from foreign sources amounted to PHP114.37 billion while local investors registered PHP525.85 billion worth of investments from January to May 2024 period.
Some 13,871 jobs are expected to be generated by these investments.
Biggest source of foreign investments for this period is Switzerland, with projects amounting to PHP62.89 billion, followed by the Netherlands at PHP39.33 billion, Singapore at PHP6.07 billion, China at PHP1.53 billion, Taiwan at PHP1.28 billion, and the United States at PHP953 million.
"We are indeed making it happen in the Philippines. The BOI, together with other IPAs, remains committed to generating more investments and maintaining the FDI growth momentum through ongoing economic reforms and proactive investment promotion," Trade Secretary and BOI Chairman Alfredo Pascual said.
In terms of sectors, the majority of the projects are in renewable energy at PHP607.47 billion.
This is followed by agriculture, forestry, and fishing with approved investments amounting to PHP9.56 billion, real estate at PHP8.17 billion, transportation and storage at PHP4.61 billion, and manufacturing at PHP4.36 billion.
Top five destinations for these investments are Calabarzon with PHP538.52 billion, followed by the Ilocos Region at PHP28.49 billion, Central Luzon at PHP24.42 billion, Bicol Region at PHP13.28 billion, and Western Visayas at PHP8.54 billion.
"With a favorable business environment and strong investor confidence, the Philippines is well-positioned to further enhance its competitiveness and achieve sustainable economic development," Pascual said. (PNA)
