Saturday, February 24, 2024

BOI records highest investment approval at P1.16 trillion for 2023

As of 18 December 2023, the Board of Investments (BOI) said it already recorded P1.16 trillion in investment approvals — the highest level in the agency’s 56-year history.

This surpasses the previous record of P 1.14 trillion generated in 2019 and is 59-percent higher than last year’s P729.1-billion level. This also marks the third time in four years the BOI has surpassed the trillion-peso mark in investment approvals.

Last year’s P1.16 trillion comes from a total of 303 projects that is expected to generate 47,195 jobs.

Germany emerged as the leading source of foreign investments, contributing a substantial P393.28 billion, followed closely by the Netherlands (P333.61 billion), Singapore (P17.38 billion), and the United States (P3.38 billion). 

In terms of destination domestic regions, Western Visayas was the top recipient of investments at P316.89 billion, with CALABARZON taking up second place at P211.89 billion.

Further, the Bicol Region (P162.92 billion), Eastern Visayas (P128.62 billion), and Ilocos Region (P122.18 billion) rounded out the top five regions.

Overall, domestic investments approvals reached P398.76 billion, making up 34 percent of total approved investments. Foreign investments approvals surged to P763.22 billion, a 452-percent jump from P138.18 billion in 2022.

The renewable energy and power sector continues to dominate the Philippine investment approvals landscape, boasting P968.14 billion in investments. This figure represents a 137-percent increase from last year’s P409.03 billion.

Noteworthy projects approved for January to December were seven offshore wind power projects located in Cavite, Laguna, Dagupan, San Miguel Bay, Negros, and Northern Samar amounting to a total of P759.84 billion. 

Meanwhile, the information and communications technology (ICT) sector also demonstrated strong growth, securing approvals totaling P96.16 billion.

Manufacturing also made a significant impact with P22.03 billion in approved investments. Additionally, the infrastructure (toll roads) sector featured projects valued at P20 billion, and real estate activities, specifically in mass housing received P15.63 billion in investments.

“There are three more projects worth about P350 billion that are currently being assessed and, if they are able to comply with both the substantive and transparency requirements, they may be able to make it to the BOI Board and Mancom deliberations on December 28th — our last for the year. While BOI is the private sector’s strongest partner in promoting Ease of Doing Business in the country, we remain a prudent administrator of fiscal incentives,” BOI managing head Ceferino Rodolfo said.

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