The Board of Investments (BOI) reported a surge in project registration from Chinese investors this year despite the maritime row between Manila and Beijing.
On Tuesday, the BOI said it approved over PHP1 billion worth of projects from Chinese sources from January to September 2024, which is 237 percent higher than the same period last year.
The approval in the first nine months of the year is also bigger than the full-year project registration from Chinese investors at PHP619 million.
The BOI said this made China the seventh-largest source of investment approvals this year.
To bring in more projects from the East Asian nation, the BOI sent a delegation to China last month to promote the Philippines as an investment hub.
The delegation participated in the China International Fair for Investment and Trade (CIFIT) in Xiamen, securing discussions with potential Chinese investors.
“Throughout the six days of the Investment Promotion Roadshow, we generated significant interest from various sectors. We conveyed to the investors that our goal is to transform the Philippine economy to enter a virtuous cycle of sustained economic growth. Events like this showcase the Philippines’ proposition as the Regional hub for smart and sustainable manufacturing and services industries, that will ultimately generate green and sustainable jobs for the Filipino people, which has been our primary objective,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
The BOI engaged with 21 companies in various sectors, including renewable energy (RE) equipment manufacturing, electric vehicle manufacturing, and agribusiness.
The delegation also had two roundtable meetings in Xiamen and Beijing, wherein five companies discussed their investment and expansion plans in the country particularly in the sectors of electric vehicle and consumer goods manufacturing, infrastructure, green metals, and mining activities. (PNA)
