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The Department of Trade and Industry (DTI) said on Saturday that the Board of Investments (BOI) has filed projects valued at PHP414 billion between January and February 9.

According to Ceferino Rodolfo, managing director of the BOI and DTI undersecretary, investments from both domestic and foreign sources account for 41% of the BOI’s 2023 full-year objective of PHP1 trillion.

President Ferdinand R. Marcos Jr.’s official trips to other countries, particularly Belgium and China, according to Rodolfo, “established a pipeline for considerable interest from investors.”

He stated, “For the first one month and nine days, we have already hit PHP414 billion. This is not the case of those who signed letters of intent to indicate that they are highly interested in visiting the Philippines; rather, this is the case of those who have already registered at BOI.

We truly attribute some of that to the President’s vigorous efforts to promote the Philippines, the speaker continued.

The BOI has approved projects of PHP655.4 billion for 2021 and PHP729 billion for 2022.

The investment commitments made during Marcos’ official visit to Japan are currently being monitored by the BOI and are expected to total USD10 billion, or more than PHP500 million.

According to the official, these businesses have demonstrated a keen interest in manufacturing.

It will require a lot of work on our part to follow through on these investment leads that we’ve produced, he added, adding that “of course” this doesn’t imply everyone will register right once.

The DTI reports that 3,472 businessmen from 1,300 Japanese firms and at least 120 Philippine companies registered for the meetings conducted in Tokyo, where several letters of intent to invest were signed.

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