NextGen Day

📈💼 The Board of Investments (BOI) has reported a threefold increase in investment approvals for the first half of 2023. Totaling PHP698 billion, this figure represents a 203 percent surge from the PHP230 billion recorded in the same period last year. The 155 approved projects are expected to create 29,965 new jobs in the country.

Trade Secretary and BOI Chairman Alfredo Pascual expressed that the growing number of investment approvals showcases the Philippines’ attractiveness as an investment destination and highlights its potential for further economic growth and development.

Foreign investment pledges made up most of the investments in H1 2023, amounting to PHP423 billion, representing an astounding 5,264 percent increase from the PHP7.89 billion in H1 2022.

Germany leads the list of foreign investors, making investment pledges totaling PHP393 billion, followed by Singapore at PHP16.8 billion, the Netherlands at PHP3.57 billion, France at PHP2.04 billion, and the United States at PHP1.9 billion. President Ferdinand R. Marcos Jr. visited many of these countries, and Pascual conducted investment missions in others.

The renewable energy sector dominated the BOI-registered projects, constituting 77 percent of the total and amounting to PHP536.5 billion. Other sectors that received investments include information technology, transportation and storage, manufacturing, and agriculture.

In June, the BOI approved a PHP58.7-billion telecommunications tower project by Filipino-owned ISON Tower.

Pascual has set an ambitious investment approval target of PHP1.5 trillion for the BOI this year, reflecting the country’s robust investment climate and growing confidence from local and foreign investors.

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