The Board of Investments (BOI) revealed that it has approved over P730.49 billion worth of investments from January to September. This represents a growth of more than twofold compared to the same period last year, with a majority of the funding going into projects in the renewable energy sector.
According to the Department of Trade and Industry’s lead investment promotion agency, these investments cover 198 projects and have increased by 105 percent year-on-year.
“The Philippines is on track to becoming Asia’s top investment destination. The signs are evident, with foreign investment pledges at a record high,” said Trade Secretary Alfredo Pascual, who also chairs the BOI.
The BOI reported that foreign investment approvals accounted for 58.33 percent of the total, amounting to P426.06 billion. This marks a significant increase from just P10.05 billion during the same period in 2022.
Top source: Germany
Germany is expected to be the top source of these foreign investments, with an estimated P393 billion.
Other notable sources include Singapore with P17.02 billion, the Netherlands with P3.77 billion, the United States with P2.41 billion, France with P2.04 billion, and the United Kingdom with P1.04 billion.
The BOI highlighted that a majority of these investments are in the energy sector, particularly in renewable energy, accounting for 76.50 percent or approximately P558.83 billion.
“This significant commitment primarily focuses on diverse projects in solar, wind, hydropower, and biomass, underscoring the sector’s increasing prominence,” stated the BOI.
The investment promotion agency also noted robust growth in the information technology sector, with a total of P95.51 billion investments.
Logistics investments
Meanwhile, investments in the transportation and storage sector reached P21.26 billion, while the manufacturing sector and real estate received P16.28 billion and P8.56 billion, respectively.
Western Visayas received the majority of approved investments during this period, with P322.47 billion allocated to the region. Calabarzon (Cavite, Batangas, Laguna, Rizal, Quezon) came next with P165.61 billion, followed by the Ilocos Region with P56.32 billion, the National Capital Region with P33.30 billion, and Central Luzon with P32.20 billion.
The BOI has set a target of P1.5 trillion worth of investment approvals for this year after breaking a two-year decline in 2022, with approvals increasing by 11 percent to reach P729 billion.
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Approved investments by the BOI totaled P655 billion in 2021, P1.02 trillion in 2020, and P1.14 trillion in 2019.
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