Companies based in Jiangsu Province in China affirmed their optimism in the Philippine market, noting that the country is an “ideal investment destination of choice,” the Board of Investment (BOI) said Wednesday.

In a statement, the BOI said its official met with executives of Jiangsu-based companies as well as with officials of the Ministry of Trade and Investment Promotion Department and China Council for the Promotion of International Trade (CCPIT) Jiangsu Sub-Council last Sept. 22 in Makati City.

“Chinese firms from Jiangsu expressed their optimism about making business opportunities happen in the Philippines,” the investment promotion agency (IPA) said.

The BOI cited sectors in the country that needed foreign investments, such as renewable energy, automotive, electric vehicle battery manufacturing, green metals, and electronics manufacturing.

In a Palace briefing on Tuesday, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said investment approvals of the BOI Board reached PHP734 billion for the first nine months of 2023. About 60 percent of which are from foreign sources.

He added that since the government improved its investment climate by introducing investor-friendly policies and easing foreign ownership in different sectors, like allowing 100-percent foreign equities on renewable energy projects, the share of approved foreign investments at BOI has increased.

Asked for further details about the courtesy call of Jiangsu firms with the BOI officials, the agency has yet to respond. (PNA)