Celebrating its 57th founding anniversary on Monday, 2024 is expected to be another banner year for the Board of Investments (BOI) as project registrations in less than nine months already hit record-high.
The BOI announced Monday that its investment approvals from Jan. 1 to Sept. 15 this year have reached PHP1.35 trillion, surging by 82 percent from PHP741.98 billion registrations in the same period last year.
This also surpassed the full year approvals in 2023 at PHP1.26 trillion.
“As we celebrate our 57th anniversary, we are more inspired with the strong show of confidence by local and foreign investors in the Philippines, that has made it possible for BOI to hit the PHP1.3 trillion mark in investment approvals,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said in a statement.
A big chunk of the approved investments came from renewable energy projects worth PHP1.29 trillion. Mass housing projects registered PHP20.28 billion worth of investments; followed by manufacturing at PHP12.13 billion; agriculture, forestry, and fishing at PHP10.05 billion; and administrative and support service activities at PHP5.46 billion.
“These investments are critical to strengthening the Philippines’ economic foundation. The focus on renewable energy and manufacturing is helping drive sustainable growth, creating thousands of jobs, and improving the quality of life for Filipinos,” Rodolfo said.
Majority of the investments are poured in regions of Calabarzon, Central Luzon, and Western Visayas, getting PHP602.63 billion, PHP258.68 billion, and PHP238.88 billion, respectively.
Completing the top five investment destinations are Bicol Region and Ilocos Region at PHP42.87 billion and PHP62.68 billion, respectively.
“This accomplishment highlights both our agency’s unwavering commitment to nurturing a thriving investment landscape and in harnessing our country’s potential to be the prime investments destination for smart and sustainable manufacturing and services. We are excited to build on this momentum to work towards industrial transformation and economic growth that benefits all Filipinos,” Rodolfo said.
Moreover, investments from foreign sources contributed PHP341.78 billion to the total approvals in the past three quarters, with firms from Switzerland investing PHP286.77 billion, the Netherlands with PHP39.58 billion, Singapore with PHP6.18 billion, the United States with PHP1.68 billion, and Taiwan with PHP1.30 billion.
“The keen investment interest from both local and foreign investors will propel long-term economic progress and position the country as a global leader in strategic investments,” Rodolfo added. (PNA)
