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The Board of Investments’ project approvals in the first half of 2024 rose 36% to P950 billion year-on-year
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The latest figure is the highest ever for the six-month period in the Board’s 57-year history
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The record approvals were driven by the boom in renewable energy investments as well as foreign investors’ pledges
The Board of Investments’ (BOI) project approvals in the first half of 2024 rose by 36% to P950 billion year-on-year.
The latest figure is the highest ever for the six-month period in the Board’s 57-year history, according to Trade undersecretary and BOI managing head Ceferino Rodolfo. It was driven by the boom in renewable energy investments due to the policy change that now allows 100% foreign equity in renewable energy projects as well as foreign investors’ pledges during the President’s overseas trips, he said.
Last year, the BOI approved a record P1.26 trillion worth of projects.
The investment target has been set at P1.5 trillion this year, with the agency “on track toward hitting and even exceeding that target,” the BOI chief said during the capsule laying ceremony for the 40-hectare expansion of Aboitiz InfraCapital’s business hub in Batangas.
The P2.3 trillion in projects endorsed for green lane processing would also add to the government’s investment approvals since they will eventually register with the government’s investment promotion agencies, he said.
The BOI head, however, warned some global headwinds could affect future investments, such as the US presidential elections later this year as well as geopolitical tensions in the Middle East and Eastern Europe.
The trade department said President Ferdinand Marcos, Jr.’s foreign trips, especially to Europe, likewise gained investment traction. This was coupled by the ease of doing business policy of the government that encourages investors to locate to the Philippines.
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