BoI-approved investments now at P2.3T

BoI-approved investments now at P2.3T | Daily Tribune

Approved investments registered under the Board of Investments (BoI) have reached P2.3 trillion since the administration of President Ferdinand Marcos Jr. started in July 2022.

This was revealed by BoI director Sandra Recolizado, who stressed that investors’ confidence in the Philippines remains robust and high.

The latest record from the BoI, according to Recolizado, points to a total of 157 projects which is equivalent to some $42 billion, or P2.36 trillion worth of investments logged from July 2022 to April 2024.

Approved investments from the Philippine Economic Zone Authority (PEZA), among other investment promotion agencies, however, are still excluded from said amounts.

In 2023, the BoI logged P1.26 trillion worth of investment projects, while PEZA, for the first quarter of the current year greenlighted a total of 50 new and expansion projects worth P14.95 Billion, which is 19.25 percent higher than the P12.54 Billion investments approved during the same period last year.

Hence, the BoI director revealed that foreign direct investments declined in the first quarter of 2024.

Still three remaining quarters

“But the investment climate can still pick up because the year is just starting, and there are still three remaining quarters for BoI investment approvals, and those by other investment promotion agencies,” she said.

The BoI is aiming for P1.1 trillion in approved investments, adjusting from year 2023’s P1.5 trillion approved investments “aspirations,” while PEZA wants to achieve P250 billion in approved investments for 2024, surpassing the P175.71 billion it made in 2023.

This past week, Trade and Industry Secretary Alfredo Pascual, who chairs the BoI board, visited Qatar to lure more Qatari investors, including Qatar Cool, the country’s largest district cooling system firm, and known Qatari milk brand Baladna, to invest in the Philippines.

Robust performance

Pascual, in his dialogue with Qatari investors, maintained that the country’s robust economic performance, as well as key legislations in place, are enough to attract more foreign investors.

“We’re very happy about the performance of our economy, which is among the highest in Southeast Asia. And we’re making sure that we have a policy environment that will sustain growth,” he said on the second day of the Qatar Economic Forum on 15 May.

The trade chief also told foreign counterparts that the focus of the government on infrastructure development, improved connectivity, and strategic policy reforms is intact, ensuring the country’s economic competitiveness in the region.

He further cited the continuation of the “Build, Build, Build” program, now named the “Build, Better, More” Program with 185 flagship infrastructure projects worth over $161 billion, which highlights the government’s intensified efforts to improve physical connectivity, digital infrastructure, water resources, health facilities, power and agriculture infrastructure.