BOI investment approvals surged by 36% to P950B in H1

Investment approvals by the Board of Investments soared by 36 percent to P950 billion during the first half of the year, still mainly driven by projects in the renewable energy sector.

Of the total approvals, P286 billion were foreign investments. In the same period in 2023, the BOI approved P698 billion worth of investments.

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“Our strategic initiatives are vital for ensuring that the Philippines attracts and retains global investments. We are committed to creating an enabling environment that supports business growth and development across various sectors,” Trade secretary and BOI chair Alfredo Pascual said in a statement.

“As we navigate the global economic landscape, our strategic focus on enhancing the ease of doing business and providing robust support for high-potential sectors is more crucial than ever. These efforts are pivotal in ensuring the Philippines remains a top-tier investment hub in Asia,” he added.

The DTI said that renewable energy investments dominated their portfolio during the period, with the electricity, gas, steam, and air conditioning supply sector drawing 96.3 percent of the total approved investments.