By Eileen Mencias
Investments approved by the Board of Investments (BOI) surged by 44% to P1.58 trillion as of November this year.
According to the BOI, the increase was driven by renewable energy projects, which accounted for P1.35 trillion.
With the BOI’s target of P1.6 trillion in investment approvals within reach, Trade Secretary and BOI chair Cristina Roque credited the Marcos Jr. administration’s macroeconomic policies for the strong performance.
“Reaching P1.58 trillion in investment approvals within 11 months is clear proof of our government’s success in fostering a stable and attractive investment climate. These investments will create jobs, support local businesses, drive innovation, and contribute to the nation’s progress,” Roque said.
Projects approved in the air and water transport sector totaled P121.2 billion.
Other sectors with approved investments include: manufacturing (P30.40 billion), water supply, sewerage, and waste management (P16.28 billion), agriculture and fishing (P10.47 billion), wholesale and retail (P8.25 billion), and information technology and business process management (P7.26 billion).
Investments in the water supply, sewerage, waste management, and remediation sector grew the most, increasing by 1,540% compared to a year ago.
Filipino companies are driving the majority of investments, accounting for P1.06 trillion of the approved total.
CALABARZON remains the most attractive investment destination, with P623.19 billion in approved investments, followed by Central Luzon with P277.08 billion.
Source: BOI Investments Jump 44% to P1.6 Trillion as Renewables Dominate