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A Board of Investments (BOI) official said on Saturday that President Ferdinand R. Marcos Jr. is actively working to see that the more than PHP3.48 trillion in investment commitments Manila obtained during his international travels materialize and create jobs as soon as feasible.

The BOI Executive Director for Investments Promotion Services, Evariste Cagatan, stated at the Saturday News Forum in Quezon City that the Chief Executive has been actively watching the leads to provide help to expedite these investors’ entry into the nation.

These are merely investment leads, so there is still work to be done before the pledges are fulfilled, she said.

‘Yong vows na ito na binigay sa kanya, ang pangulo talagang binabantayan niya. The President is closely monitoring these commitments, so tinitingnan namin kung ano ‘yong mga balakid bakit hindi kaagad makapasok. We are thus attempting to pinpoint the barriers to the entry of these investments),” she continued.

The difficulties, according to her, range from getting permits to needing large amounts of land and finding workers with the appropriate skill set for their enterprises.

Since Marcos’ first official trip abroad in 2022, the Philippines has so far collected USD62 billion, or over PHP3.48 trillion, in investment pledges.

Many of these, for instance, the US trip, have arrived and have been registered with the BOI and the Philippine Economic Zone Authority, according to Cagatan.

“However, you must realize that your investment is not necessarily a bukas nandiyan na siya when your pledge is made today. You must realize that making a vow now does not guarantee that it will materialize right away. Medyo mahaba ‘yong gestation. Given how long the gestation period is, she continued.

Cagatan pointed out that while keeping an eye on these commitments, the government also keeps luring domestic and international investors by promoting the nation as the ideal location for achieving its Environmental, Social, and Governance (ESG) objectives.

Hinahanap nila ako ng mga investors ngayon kung saan sila puwedeng mag-invest sa inyong kanilang ESG goals. As a result, the Philippines are being offered as a place where investors may invest and meet their ESG objectives. That’s what we’re delivering in the Philippines; thanks to the availability of renewable energy, we can assist them and support their ESG objectives, she said.

Investment approvals at the BOI alone increased by 155 percent from January to March of last year to PHP463.3 billion, from PHP181.7 billion.

According to Cagatan, a sizable portion of these investments is in renewable energy.

“(This) represents 40% of our initial annual approval objective of PHP1 trillion. Our goal for this year increased to PHP1.5 trillion because we are currently at that level, she said.

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