NextGen Day

The Board of Investments (BOI) has investment leads totaling PHP344 billion, according to Trade Secretary Alfredo Pascual, which would allow the organization to meet its goal before the year is through.

The BOI’s chairman, Pascual, stated in a statement that the agency now has possible investment leads worth around PHP344 billion that are still being processed. More likely than not, we may reach 80 to 90 percent of the target even before the middle of the year.

In terms of investment approvals, the Department of Trade and Industry (DTI) hopes to surpass PHP1 trillion in 2023.

The BOI approved projects totaling PHP414.3 billion from January 9 to February 9 alone, a 142.9 percent increase over the PHP170.5 billion in investment approvals during the same time last year.

Pascual continued, saying that some of these leads for investments are the results of President Ferdinand R. Marcos Jr.

“The increase in investments proves that the government’s promotional visits abroad, led by none other than the President himself, are effective,” he said. “Investors from Southeast Asia, the US, Belgium, China, and most recently Japan have shown strong interest in putting in more investments into the country.”

The trade commissioner reported that authorized investments rose from PHP249 million in the same time of 2022 to PHP163 billion in less than two months of 2023.

“BOI-approved foreign capital has already surpassed 56% of the total amount for all IPAs (investment promotion agency) last year in just the first few months of 2023. We are therefore on track to surpass the 2022 figure far in advance thanks to increased prospects and our collaborative efforts, Pascual said.

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