MANILA -The value of investment proposals approved by the Board of Investments (BOI) is on track toward this year’s P1.5-trillion target as first-quarter figures alone jumped by 155 percent.
The BOI data show that from January to March, the agency gave the green light to projects worth a total of P463.3 billion, more than twice the P181.7 billion recorded in the first quarter of last year.
At the same time, the investment promotion agency said approved proposals from foreigners surged by 3,722 percent to P165.4 billion, from P4.33 billion a year ago.
Approved domestic investments, meanwhile, rang up at P297.9 billion, revving up by 68 percent from P177.3 billion in the first three months of 2022.
The biggest project that the BOI approved in the first quarter was a P392-billion string of offshore wind farms that German-owned wpd Philippines Inc. intends to build across Cavite, Negros Occidental, and Guimaras.
Trade Secretary Alfredo Pascual said the national government would continue with its aggressive investment promotion campaigns as investments were also set to provide higher quality and better-paying jobs for Filipinos.
‘Steady growth’
“The steady growth is proof of the government’s resolve to further improve the country’s business environment through investment-friendly policies,” Pascual said.
“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 new annual investment target of P1.5 trillion,” he added.
Of the foreign investments committed to flow into the country, P157 billion is expected from Germany, P2.7 billion from The Netherlands, P1.2 billion from the United States, P524 million from Japan and P293 million from the United Kingdom.