The Board of Investments (BOI) on Saturday expressed confidence in hitting P1 trillion worth of investment approvals target this year, banking on what it called the Marcos administration’s “aggressive and strategic” investment promotion initiatives.
The investment promotion agency, which is attached to the Department of Trade and Industry (DTI), said that its total investment approvals have already reached P414.3 billion as of Feb. 9, just six weeks from the start of 2023.
This marks a 142.9-percent-increase compared to the same period last year when it recorded P170.5 billion worth of investment approvals.
“With investment prospects being very positive, and as we continue to receive serious interest from global investors, we are definitely on track to meeting our annual investment target of P1 trillion,” Trade Secretary Alfredo Pascual said in a statement.
“We are not even through with the second month of the year and we already have secured nearly half of our full-year target for investment approvals,” he added.
The BOI approved a total of P729 billion worth of investments in 2022, growing by 11 percent compared with the P655 billion in 2021, thereby breaking a two-year streak of decline.
Its approved investments stood at P1.02 trillion in 2020 and at P1.14 trillion in 2019.
Source of investments
Of the total approved investments, Pascual touted the stronger performance this year in their foreign investment portfolio, characterizing the growth as “stunning” as it grew from just P249 million to P163 billion.
According to BOI data, the bulk of these foreign capital came from Germany, totaling P157 billion. This is followed by the Netherlands with P2.7 billion, Japan with P524 million, the United States with P509 million and the United Kingdom with P194 million.
Meanwhile, domestic investment approvals were at P251.3 billion, registering a 47.6 percent increase from the P170.3 billion last year.
The BOI said that the biggest portion of these investments will go to the Western Visayas region, where P293.3 billion will be invested.
Meanwhile, investments in the Calabarzon region took up the second place with P111.7 billion.
Further, P3.5 billion will go to the Eastern Visayas region, P3 billion to Central Luzon and P783 million to the National Capital Region.
By industries, the BOI said that most of the investments are in the power sector, with P398.7 billion approved by the investment promotion agency to go toward renewable energy. INQ
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