NextGen Day

In the first five months of the year, approved foreign investment at the Board of Investments (BOI) showed notable growth.

Ceferino Rodolfo, managing director of the BOI and undersecretary of the Department of Trade and Industry (DTI), informed trade reporters via a Viber message over the weekend that the amount of approved foreign investment rose by 7,076 percent from January to May of this year to PHP403.86 billion from PHP5.63 billion during the same period in 2022.

At 76 percent, foreign investment pledges currently account for most BOI approvals.

Between January and May, the BOI accepted investment pledges of PHP532.27 billion, more than double the PHP205.73 billion in project registrations from the prior year.

The investment promotion agency’s 106 projects, which are anticipated to provide 18,883 new direct jobs, are where the promises originated from.

Early in the year, the BOI approved several high-profile renewable energy projects, particularly offshore wind farms.

ACCORDING TO TRADE SECRETARY AND BOI CHAIR ALFREDO PASCUAL, BOI approved three offshore wind projects totaling PHP390 billion in the first quarter of 2023.

Last year, the Department of Justice (DOJ) released an opinion stating that the constitutional restrictions on foreign ownership did not apply to natural resources, including renewable energy, due to the DTI chief’s letter to the DOJ.

The DOJ opinion approved the Renewable Energy Act modifications, in particular approving foreign investors’ ownership of renewable energy projects at 100%.

The Madrid-based company announced on Friday that the Philippines will be the site of BlueFloat Energy’s largest offshore wind projects, with a total capacity of 7.6 gigawatts.

Despite obtaining the service contracts from the Department of Energy, BlueFloat officials said that the company has not yet registered the projects with the BOI.

For the year, according to Rodolfo, the BOI has pledged for investments totaling PHP1 trillion.

By the end of 2023, the BOI hopes to have approved investments totaling PHP1.5 trillion.

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