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The Board of Investments approved P1.62 trillion in investments as of December 17
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The figure marks the highest level of investment approvals in BOI’s 57-year history
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Approvals rose by almost a third compared to last year
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Local investors led the way with their business ventures with about 75% of the total
The Board of Investments (BOI) approved P1.62 trillion in investments as of December 17, marking the highest level of investment approvals in the agency’s 57-year history.
The figure rose by 28.6% compared to the previous previous record high of P1.26 trillion, and surpassed the Php1.5-trillion target for the year, the agency said in a statement.
Trade Secretary Ma. Cristina Roque, who also chairs the BOI, said: “We are pleased to report significant progress in attracting investments this year. These investments will fuel job creation, drive innovation, and foster dynamic economic progress.”
In the last four years, BOI approvals fluctuated from P1.14 trillion in 2019, P1.02 trillion in 2020, P655 billion in 2021, and P729 billion in 2022.
Almost 75% of this year’s P1.23 trillion in investments were for local projects, up 150%, while foreign projects accounted for the remaining P383.31 billion.
Switzerland was the top foreign investor with firms from that country investing P289.06 billion, equivalent to 75.41% of the total foreign investments. The Netherlands came next with P44.50 billion, followed by Japan with P14.67 billion, then South Korea with P12.73 billion.
BOI data also showed that the bulk of the investments were in the energy sector, accounting for P1.38 trillion, or 83.64% of the total.
Of the remaining investments, P121.20 billion were in the air and water transport sector, P32.26 billion in real estate, P31.67 billion in manufacturing, and P16.28 billion in water supply, sewerage, waste management, and remediation.
BOI-registered investments receive such incentives as income tax holidays, preferential tax rate on gross income, zero value-added taxes rating, and duty and tax-free importation of capital equipment, raw materials, and supplies.
