-
The Board of Investments approved P1.15 trillion in investments from January to July, up 65% from the same period last year
-
The agency surpassed the trillion-peso mark with projects in renewable energy and agribusiness, supported by investments from other sectors
-
BOI aims to exceed PHP 1.6 trillion in approved investments this year
The Board of Investments (BOI) approved P1.15 trillion in investments from January to July 2024, up 65% from the P699 billion recorded in the same period last year.
The recent approvals of major projects, including a P185-billion solar project with battery energy storage, P1.2-billion manufacturing and processing facility for biscuits, P263 million worth of solar rooftop projects, and P245-million activated carbon and charcoal production facility, were crucial to achieving the milestone, according to a Department of Trade and Industry news release issued Friday. BOI is a DTI-attached agency.
The agency exceeded the trillion-peso mark with projects in renewable energy and agribusiness, supported by investments from a US equity fund and a major food conglomerate, among others.
“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,” recently resigned Trade Secretary Alfredo Pascual said.
“It has been an honor to contribute to this legacy of economic progress as I prepare to step down from my role,” he added.
BOI managing head and undersecretary for industry development and trade promotion Ceferino Rodolfo underlined the agency’s ongoing initiatives “to hit and even surpass” P1.6 trillion in approved investments this year.
“With the momentum we have built, we are confident in achieving and exceeding this goal, driving economic development,” Rodolfo said.
In the renewable energy sector, BOI-approved investments include the P297-billion Pakil Pumped Storage Hydroelectric Power and the P114.7-billion Guimaras Strait Offshore Wind Power Projects.
The investments were facilitated by revised rules removing nationality restrictions on renewable energy investments, DTI said.
Moreover, renewable energy projects are helping to lower the high-power consumption typically associated with manufacturing operations like cement production.
The engagement of various investment promotion agencies (IPAs), according to DTI, has led to the enlistment of high-profile projects by companies like Optum (Cebu), Atento, Toyota Motor Philippines, and Macquarie Green Investment Group. The BOI also supported projects by Collins Aerospace, Dyson, and Nitori Holdings Co.
Major developments include Hyundai Heavy Industries’ shipbuilding project with the Subic Bay Metropolitan Authority, Endec’s Hyperscaler Data Center, and Taehiyo Cement’s modernized Cebu facility. FedEx’s expansion at Clark, Pampanga aims to transform the area into a premier logistics hub.
Local investments aiming to promote job creation and food security include SteelAsia’s P92 billion investment in steel mills and Mega Prime Foods’ facility in Batangas, the DTI said. Moreover, the Wawa Dam project will supply over 710 million liters of water daily to Metro Manila and Rizal by 2025.
The DTI is spearheading efforts to enhance the ease of doing business by streamlining and digitalizing institutional and regulatory requirements. These measures aim to improve the speed and efficiency of business processes, particularly for strategic investments.
In parallel, the agency’s ASENSO Trabaho thrust focuses on creating an attractive investment climate, promoting trade agreements, and facilitating partnerships between domestic and foreign businesses. These initiatives are essential in fostering a thriving business ecosystem that drives economic growth and job creation.
These achievements reflect the effective implementation of policies aimed at enhancing the business environment, including the ease of doing business initiatives and strategic economic reforms, the DTI said.
