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Foreign investments approved by the Board of Investments breached the P1-trillion mark in October
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Germany and the Netherlands made substantial contributions to the foreign investment pledges
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Danish company Copenhagen Infrastructure New Markets Fund registered in October three offshore wind projects totaling P329.74 billion
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From January to September, foreign investment approvals jumped 567% to P757.33 billion
Foreign investments approved by the Board of Investments (BOI) breached the P1-trillion mark in October.
Germany led the list of approvals at P393 billion, followed closely by the Netherlands at P333 billion. Singapore, the United States, France and the United Kingdom also made significant contributions.
Danish company Copenhagen Infrastructure New Markets Fund (CINMF) registered three offshore wind projects in October worth a total of P329.74 billion. Located in Camarines Norte, Camarines Sur, Northern Samar, Pangasinan, and La Union, the projects have a combined capacity of 1,000 megawatts and will create 230 jobs.
In a recent virtual press briefing, BOI executive director Corazon Halili-Dichosa said the CINMF project is only the second foreign-owned renewable energy venture to achieve full foreign ownership status, following a German company’s solar power farm. Since last year, the government has allowed full foreign ownership of renewable energy projects.
BOI’s goal is to reach P1.5 trillion in foreign investment approvals this year.
From January to September 2023 foreign investment approvals grew 567% to P757.33 billion from P113.49 billion year-on-year.
Local investments approvals, meanwhile, are at P316.22 billion this year.
“The BOI hitting the trillion mark in investment approvals proves that the Philippines is heading in the right direction to become Asia’s premier investment destination of choice. Foreign investment pledges are at a record high. But the job is not done. Together with our other IPAs, we will continue to work to generate more investments into the country to provide more jobs for our countrymen,” said Trade Secretary and BOI chairman Alfredo Pascual.
Trade undersecretary and BOI managing head Ceferino Rodolfo highlighted the significance of these foreign investments, saying, “This project is an example of the foreign investors’ deepening interest in investing in the Philippines. It also shows that we are positioning our country as an ideal investment of choice, especially in green investments such as in renewable energy and green metals.”
In terms of investment registrations, entities in renewable energy have led the way with P899.79 billion, reflecting the increasing interest in sustainable energy sources. Information technology followed at P95.51 billion; transportation and storage attracted P21.68 billion in investments.
The manufacturing; administrative and support services; and real estate sectors brought in investments totaling P16.37 billion, P8.94 billion, and P8.4 billion, respectively.
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