NextGen Day

The Board of Investments (BOI) has increased its investment approval objective for this year from PHP1 trillion to PHP1.5 trillion, according to Trade Secretary Alfredo Pascual.

In a statement sent by the BOI via email on Thursday, Pascual said, “Given the strong investment approvals for January, as well as the robust pipeline of investment leads —including those generated (through) Presidential visits, I have increased the 2023 investment registration target of BOI from PHP1 trillion to PHP1.5 trillion.”

The agency is anticipating project registration from businesses involved in green metals, data centers, telecommunication towers, sea cable infrastructure, electric vehicles, and light manufacturing, including the supply chain for e-vehicles, in a text message from Trade Undersecretary Ana Carolina Sanchez to reporters.

The BOI had a total of 414 billion PHP worth of projects registered as of February 9.

Pascual recently stated that before the middle of 2023, prospective projects estimated to cost PHP344 billion were scheduled to be registered with BOI by the investment promotion agency (IPA).

According to Sanchez, the fields of information technology and business process management, renewable energy, manufacturing, and data centers have “mature investment leads.”

Pascual, who also serves as the BOI’s chair, made the declaration two days after the Senate approved the RCEP’s (Regional Comprehensive Economic Partnership) ratification.

He earlier told reporters in a video briefing, “I think investors who are viewing the Philippines as (a) production hub will now be implementing their intentions and plans to build up manufacturing hubs in the Philippines and making their investments in our nation.

Malacaang said last Friday that investment commitments of PHP3.48 trillion were made as a result of President Ferdinand R. Marcos Jr.

In his statement on Thursday, Pascual continued, “I thank the BOI for joyfully accepting this challenge, and of course, the President for his hard effort in promoting the Philippines as a hub for sustainable and innovation-driven manufacturing and services in the region.

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