NextGen Day

From January to March 2023, the number of investments approved by the Board of Investments (BOI) climbed by 155 percent to PHP463.3 billion from PHP181.7 billion during the same time period in 2018.

These commitments, according to the BOI’s Friday report, came from 68 projects that it had approved during the time.

We are absolutely on track to fulfill our new annual investment target of PHP1.5 trillion, according to Trade Secretary and BOI chairman Alfredo Pascual. “Investment prospects are very positive, and we continue to receive serious interest from global investors,” he said in a statement.

According to the BOI, these projects will produce 16,719 jobs.

According to Pascual, domestic investors have made the majority of the investment commitments, with pledges totaling PHP297.9 billion in the first quarter, a 68 percent increase over PHP177 billion in the same period in 2022.

Investments from foreign sources increased by 3,722 percent, from PHP4.33 billion in the same period to PHP165.4 billion now.

Germany, with investments of PHP158 billion, the Netherlands, with PHP2.7 billion, the United States, with PHP1.2 billion, Japan, with PHP524 million, and the United Kingdom, with PHP293 million, are the top foreign investors in BOI during the first quarter of 2023.

Agriculture, industry, administrative services, transportation and storage, and renewable energy (RE) all received significant investment throughout the time period.

According to the BOI, an offshore wind project with PHP392.4 billion in German company stock was the greatest investment. The next project involves the use of solar energy and involves an expenditure of PHP36.9 billion.

“According to the national government’s policy of supporting cleaner and more sustainable sources of energy, the volume of RE projects that are coming in is unmistakable proof that we are progressing toward being a global center for sustainability and green initiatives. With complete foreign ownership now permitted by the Renewable Energy Act’s modified implementing rules and regulations, we want to draw more RE players from across the world, Pascual continued.

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