Oliver 8 0 0 4 min to read

BOI believes that investment approvals will exceed 2021 levels.

Cebuano Cebuano English English Filipino Filipino

The Board of Investments (BOI) said that as of Nov. 15, it has authorized investments totaling PHP644.4 billion.

Ceferino Rodolfo, managing director of the BOI and undersecretary of trade, stated during a media roundtable on Monday that the BOI is certain that it would surpass the PHP655.4 billion in investment approvals in 2021.

According to BOI data, local investors contributed 81 percent of the approved investments, with commitments totaling PHP518.3 billion, and international businesses contributed the remaining 19 percent, with pledges totaling PHP126.1 billion.

The power industry has had the largest investments over the last 11 months, with projects totaling PHP343.8 billion registered with the BOI.

Investments were PHP197.6 billion for information and communications technology projects, PHP26.8 billion for administrative and support services, PHP25.2 billion for transportation and storage, and PHP23.8 billion for real estate.

Singapore led all foreign investors in BOI with pledges totaling PHP75.3 billion. Japan came in second with PHP29.9 billion, the UK came in third with PHP9.9 billion, the British Virgin Islands came in fourth with PHP2.6 billion, and South Korea came in fifth with PHP2.5 billion.

The BOI may not reach its initial goal of PHP1 trillion in investment approvals for this year, though.

We will definitely surpass our 2021 goals” (performance). However, there are investment leads in the investment targets who are completing their decisions for the PHP1 trillion (goal),” Rodolfo stated.

He claimed that the conflict between Russia and Ukraine in February of this year had a negative impact on businesses’ desire to invest, as evidenced not only by investments moving to the Philippines but also globally.

But more investments are anticipated to arrive before the end of the year thanks to recent conversations between Trade Secretary and BOI Chair Alfredo Pascual and foreign businessmen when President Ferdinand R. Marcos Jr. was traveling abroad.

For 2023, the BOI received investment interest from companies totaling PHP372.8 billion, with the majority coming from the PHP125.3 billion IT and BPM, PHP105.47 billion real estate, and PHP66.9 billion agriculture, forestry, and fisheries sectors.

Cebuano Cebuano English English Filipino Filipino

We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.
Please follow and like us:
Tweet 2k
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Enjoy this blog? Please spread the word :)

Would love your thoughts, please comment.x