Photo from BOI/FACEBOOK
The Board of Investments (BOI) on Monday said it had approved a record high P1.35 trillion worth of investments from January to date, breaking its full-year tally last year with renewable energy sector projects driving the growth.
The BOI said it saw an 82-percent increase during the nine-month period compared with the P741.98 billion that was tallied during the comparable period in 2023.
“As we celebrate our 57th anniversary, we are more inspired with the strong show of confidence by local and foreign investors in the Philippines that has made it possible for BOI to hit the P1.3-trillion mark in investment approvals,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said in a statement.
“This accomplishment highlights both our agency’s unwavering commitment to nurturing a thriving investment landscape and in harnessing our country’s potential to be the prime investment destination for smart and sustainable manufacturing and services,” he added.
Last year, total BOI approvals reached P1.26 trillion, the highest in its history.
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 (VAT) rating, as well as tax- and duty-free importation of capital equipment, raw materials and supplies.
Real estate
The energy sector, mainly projects in renewable energy, continued to dominate the roster, with investments totaling P1.29 trillion, according to the Department of Trade and Industry’s lead investment promotion agency.
Other top sectors included real estate activities, which recorded P20.28 billion in investments, manufacturing with P12.13 billion; agriculture, forestry and fishing with P10.05 billion, and administrative and support service activities with P5.46 billion.
Investments from local companies made up almost 75 percent of the total at P1.01 trillion, while the remaining P341.78 billion were from foreign companies, the BOI said.
Its investment approvals were at P729 billion in 2022, P655 billion in 2021, P1.02 trillion in 2020 and P1.14 trillion in 2019. INQ