MANILA -The Board of Investments (BOI) on Friday said that it approved at least P730.49 billion worth of investments from January to September, growing its portfolio more than twofold during the period, with the bulk of the financing going into projects in the renewable energy sector.
The Department of Trade and Industry’s (DTI) lead investment promotion agency said that the amount of these investments, which cover 198 projects, increased by 105 percent when compared to the same period last year.
“The Philippines is poised to become Asia’s premier investment destination. The signs are emerging. Foreign investment pledges are at a record high,” Trade Secretary Alfredo Pascual, who sits as BOI chair, said in a statement.
The BOI said that foreign investment approvals accounted for 58.33 percent of the total, reaching P426.06 billion and marking a significant increase from just P10.05 billion in the same period in 2022.
Top source: Germany
The bulk of these foreign capital will come from Germany, with P393 billion expected from the European country.
This is followed by Singapore with P17.02 billion, the Netherlands with P3.77 billion, the United States with P2.41 billion, France with P2.04 billion, and the United Kingdom with P1.04 billion.
The BOI said that most of these investments are in the energy sector, particularly in renewable energy, accounting for 76.50 percent, which is equivalent to P558.83 billion.
“This substantial commitment was primarily directed toward diverse projects in solar, wind, hydropower and biomass, highlighting the sector’s growing prominence,” the BOI said.
The investment promotion agency also noted that investment in the information technology sector also exhibited “robust” growth, citing that it totaled P95.51 billion.
Logistics investments
Meanwhile, investments in the transportation and storage sector reached P21.26 billion, while those in the manufacturing sector and real estate reached P16.28 billion and P8.56 billion, respectively.
Most of the investments approved during this period will go to projects in Western Visayas, with P322.47 billion going to this region.
The Calabarzon (Cavite, Batangas, Laguna, Rizal, Quezon) region follows with P165.61 billion, the Ilocos Region with P56.32 billion, the National Capital Region with P33.30 billion, and Central Luzon with P32.20 billion.
The BOI is targeting P1.5 trillion worth of investment approvals this year after breaking a two-year decline in 2022, when its approvals increased by 11 percent to P729 billion.
Approved investments by the BOI totaled P655 billion in 2021, P1.02 trillion in 2020 and at P1.14 trillion in 2019.