The Board of Investments (BOI) is revising its 2024 target investment approvals to P1.6 trillion from P1.5 trillion, following a strong first-half performance and a robust pipeline of projects eyed for registration.
Department of Trade and Industry Secretary and BOI chairman Ceferino Rodolfo expressed confidence in achieving the revised target, citing a significant P1 trillion worth of projects in the pipeline and continued aggressive investment promotions.
“On top of that, approved green lane projects had investments climbing to P2.33 trillion as of June 20, 2024,” he said.
While some investors are awaiting the approval of the CREATE MORE incentives regime, the BOI assured that the current law offers attractive incentives.
Investment approvals at the BOI reached an unprecedented P950 billion in the first half of 2024, a 36-percent surge from the same period in 2023.
The growth marked the highest first-semester approvals in the BOI’s 57-year history.
Trade Secretary Alfredo Pascual, acknowledging a temporary dip in actual foreign direct investments in April 2024, remained optimistic due to a substantial investment pipeline and a 19-percent year-on-year increase in the first four months of 2024.
Renewable energy continued to dominate the investment landscape, constituting 96.3 percent of total approved investments.
CALABARZON led regional investments with P592 billion, a 262-percent increase year-on-year. Western Visayas and Central Luzon also reported substantial investment approvals.
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