MANILA, Philippines — The total costs of projects approved by the Board of Investments (BOI) went up by 36 percent year-on-year to P950 billion, driven by the boom in renewable energy investments and foreign investors’ pledges during President Marcos’ overseas trips.
Trade Undersecretary and BOI managing head Ceferino Rodolfo said the latest figure is only as of end-June but is already the highest ever for the six-month period in the agency’s 57-year history.
Rodolfo said renewable energy (RE) remains as the biggest driver for the higher approved investments during the reference period, citing the policy change that now allows foreign investors 100 percent equity in RE projects.
The various foreign trips by the President, particularly in Europe, also gained investment traction, coupled by the ease of doing business tact by the government that encourages investors to locate in the country, he added.
The BOI approved a record high P1.26 trillion worth of projects last year.
This year, the agency is targeting P1.5 trillion in approved investments. With the latest figure, the BOI is already more than halfway of reaching its goal.
“We are well on track toward hitting and even exceeding that target,” Rodolfo said in his speech during the capsule laying ceremony for the 40-hectare expansion of the business hub of Aboitiz InfraCapital Inc. in its industrial estate in Batangas yesterday.
Nonetheless, the trade official noted some of the global headwinds that could affect investments in the future such as the results of the upcoming US presidential elections and the ongoing geopolitical tensions in the Middle East and Eastern Europe.
Rodolfo said another positive development that would contribute to the government’s investment approvals would be the P2.3-trillion projects endorsed for green lane processing. He noted that those projects would eventually regi ster with the investment promotion agencies.
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