BOI-okayed projects ballooned to P203B in July

The Board of Investments (BOI) on Friday said it approved P202.97 billion worth of investments in July, recording more than double the value of the projects greenlit a year ago and are expected to create nearly 9,000 new jobs.

Data released by the Department of Trade and Industry’s (DTI) lead investment promotions agency showed that the value of their approvals in July jumped from P840.9 million in the same month last year.

The projects approved last month include a P185-billion solar park project with a battery energy storage system; a P1.2-billion manufacturing and processing facility for biscuits; P263 million worth of solar rooftop projects; and a P245-million activated carbon and charcoal production facility.

READ: BOI investment approvals surge 65% to P1.16-T in Jan-July

“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,” former Trade Secretary Alfredo Pascual, whose resignation took effect on Friday, said in a statement issued on the same day.

The approved investments in July are projected to create 8,921 jobs, according to the BOI.

Trade Undersecretary Ceferino Rodolfo, who is in charge of DTI’s industry development and trade promotion group and also the managing head of BOI, said their aim was to approve more than P1.6 trillion worth of investments for the entire year.

In 2023, the BOI approved an all time-high P1.26 trillion worth of investments, which also represented a 73-percent increase in its portfolio. In 2022, the investment promotion agency approved P729 billion worth of projects, arresting two years of decline.

Investment approvals stood at P655 billion in 2021, P1.02 trillion in 2020, and P1.14 trillion in 2019.

Investments registered under the BOI enjoy a wide range of incentives, including income tax holidays, a preferential tax rate on gross income, zero value-added taxes rating, as well as tax- and duty-free importation of capital equipment, raw materials and supplies.