BOI reported Friday that the P1.16 trillion investment approvals will create 27,207 jobs once the registered projects are fully operational. (Photo from boi.gov.ph)
MANILA, Philippines – The Board of Investments (BOI) approved P1.15 trillion worth of investments from January to July this year, 65 percent higher than the P699 billion pledges registered in the same period in 2023.
BOI reported Friday that these investment approvals will create 27,207 jobs once the registered projects are fully operational.
Two big ticket projects were approved in July alone, which include the P185-billion solar project with battery energy storage of Terra Solar, and the P1.2-billion manufacturing and processing facility for biscuits of Monde Nissin.
READ: BOI raises 2024 investment approval target to P1.6T
Also approved by the investment promotion agency (IPA) last month were the two solar rooftop projects worth P263 million and a P245-million activated carbon and charcoal production facility.
“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,” Department of Trade and Industry (DTI) Undersecretary and BOI Managing Head Ceferino Rodolfo said.
“This legacy of attracting strategic investments is a testament to 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,” he added.
The BOI said renewable energy (RE) projects have fueled the registration with the IPA in the first seven months of the year.
“Aligned with the Marcos Jr. administration’s vision for a sustainable Bagong Pilipinas, the BOI saw significant approvals in the renewable sector. These include 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 renewable energy investments,” the BOI said in a statement.
READ: Pascual resigns as trade secretary
This has been the trend at the IPA since the Marcos administration eased the foreign ownership for RE projects, following the release of a Department of Justice’s (DOJ) opinion that RE projects, including solar, wind, hydro, and ocean or tidal energy, should not be subject to the 40 percent foreign equity limitation.
Earlier, DTI said its former Secretary Alfredo Pascual has been instrumental in this DOJ issuance in 2022 after he formally wrote and sought the Justice Secretary’s opinion on foreign ownership of RE projects.
“These investment approvals underscore our unwavering commitment to fostering a robust and dynamic economic environment. As we continue to attract significant investments, we lay the groundwork for sustainable growth that will benefit all Filipinos,” Pascual said.
“It has been an honor to contribute to this legacy of economic progress as I prepare to step down from my role,” he added.
Pascual’s resignation is effective Aug. 2.