BOI logs P1.26-T approved investments in 2023
The country's premier investment promotion agency, the Board of Investments, has logged P1.26 trillion in investment projects in 2023, coining it as historic because of its 73-percent increase from the same period in 2022, surpassing the initial Php1.151 trillion Program Expenditure Classification target in IPA-approved investments for FY 2023 and the P995.59 billion target for BOI foreign and domestic investment approvals.
The BOI said that as of 18 December 2023, it reported crossing the trillion-peso mark with P1.16 trillion in approved investments.
The additional P100 billion investments in the latest reported P1.26 trillion were recorded following the BOI Board and Mancom deliberations on 28 December.
"This achievement surpasses our initial optimism when we set a target of P1.151 trillion. To far exceed this mark, reaching P1.26 trillion, is a clear testament to the growing confidence investors place in fostering their businesses' growth within the Philippines," Trade Secretary and BOI Chairman Alfredo Pascual said.
The approved investments for this year comprised 311 projects, marking a 28-percent increase from the previous year.
Further, the projects predominantly centered on renewable energy, telco infrastructure, and the export of copper, gold, and other metals. Upon full operations, the projects are expected to produce 49,030 jobs for Filipinos
The Renewable Energy and Power sector emerged as the top-performing sector with P987.12 billion, a 141-percent surge from P409.02 billion in 2022.
This was followed by the Information and Communication sector, securing a total of P96.04 billion in approvals, followed by mining with P79.19 billion, manufacturing with P22.05 billion, and Infrastructure (Toll Roads) with P21.47 billion in investments.
Foreign investment approvals witnessed a 455-percent spike with P766.97 billion, compared to P138.18 billion in 2022.
Underlining the government's commitment to attracting FDI to the country, foreign investments claimed a 61 percent share of total approved investments.