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BOI believes it will reach its P1.5 trillion investment goal.

The Board of Investments (BOI) is optimistic that it would be possible to meet its goal of PHP1.5 trillion in investment promises this year.

Ceferino Rodolfo, managing director of the BOI and undersecretary of trade, stated that numerous sizable renewable energy (RE) projects are anticipated to be granted within the year in an interview over the weekend.

He remarked that we are confident that we will reach the PHP1.5 trillion [goal] because these renewable energy projects are really large.

“[Expected approval of] at least five RE projects. The typical project cost is at the very least $2 billion. Offshore wind and floating solar are these.

According to Rodolfo, most anticipated investments would come from overseas businesses with local partners.

The BOI already approved PHP463.3 billion in investments in the year’s first quarter.

Most of these were invested in real estate, manufacturing, office support, shipping and storage, and agriculture.

The BOI had set the year’s investment target at PHP1 trillion. Still, Rodolfo claimed President Ferdinand R. Marcos Jr. ordered the agency to enhance the goal to PHP1.5 trillion due to the first quarter’s better-than-expected performance.

According to Rodolfo, the decision to completely permit foreign ownership of the nation’s renewable energy sector has increased the number of foreign investments.

Natural resources, including solar, wind, hydro, and ocean or tidal energies, are not covered by constitutional restrictions on foreign ownership, the Department of Justice declared last year.

“What we did was to permit 100% foreign ownership of real estate, including offshore wind. Previously, the ratio was 60-40, so in some way, that prevents them from entering the nation, he claimed.

Apart from RE, Rodolfo claimed that most of the planned investments will go into the telecoms industry.

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