MANILA, Philippines — Investments approved by the Board of Investments (BOI) surged by 65 percent to P1.15 trillion from January to July compared to P699 billion a year ago, driven by pledges for renewable energy (RE) projects.
The BOI said yesterday that the approved investments in the seven-month period are expected to create 27,207 jobs.
Driving the increase were significant investments in the RE sector in the January to July period including the P297-billion Pakil Pumped Storage Hydroelectric Power project and the P114.7-billion Guimaras Strait Offshore Wind Power projects.
“This milestone was facilitated by revised rules removing nationality restrictions on RE investments,” the BOI said.
The approval of major projects in RE and agribusiness last month also enabled the BOI to achieve the milestone.
For July alone, investments for projects approved by the BOI amounted to P202.97 billion, a dramatic increase from P841 million in the same month last year.
Notable projects approved by the BOI in July include a P185-billion solar project with battery energy storage and a P1.2-billion manufacturing and processing facility for biscuits.
Also approved by the BOI last month were P263 million worth of solar rooftop projects and a P245-million activated carbon and charcoal production facility.
Investments for the 30 projects approved by the BOI in July are expected to create 8,921 jobs, 728 percent higher than the 1,078 jobs in the same month last year.
“Our target is clear: to hit and even surpass P1.6 trillion in approved investments this year. With the momentum we have built, we are confident in achieving and exceeding this goal, driving economic development,” Trade Undersecretary and BOI managing head Ceferino Rodolfo said.
“This legacy of attracting strategic investments is a testament to (former) secretary (Alfredo) Pascual’s push for economic development. We, at the BOI, are committed to continuing the vision of secretary Pascual for industrialization and the development of innovation- and sustainability-driven industries here in the Philippines,” Rodolfo also said.
Pascual said the investment approvals underscore the government’s unwavering commitment to provide a robust and dynamic economic environment.
“It has been an honor to contribute to this legacy of economic progress as I prepare to step down from my role,” he said.
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