Just six weeks at the onset of the new year, total investment projects approved by the agency reached P414.3 billion based on latest BOI figures (as of Feb. 9, 2023), surging by 142.9 percent compared to the same period last year when it recorded P170.5 billion.
“With investment prospects being very positive and as we continue to receive serious interest from global investors, we are definitely on track to meeting our annual investment target of P1 trillion. We are not even through with the second month of the year and we already have secured nearly half of our full-year target for investment approvals,” he added.
“So far, the agency still has potential investment leads of around P344 billion that will still be processed and more likely than ever, we may have 80 to 90 percent of the target even before the middle of the year,” said Trade Secretary Alfredo Pascual.
“The increase in investments proves that the government’s promotional visits abroad led by no less than President Ferdinand Marcos Jr. himself, are working as a growing number of investors from around the globe, from Southeast Asia, the US, Belgium, China, and most recently Japan, have shown strong interest in putting in more investments into the country.”
Pascual also noted that BOI foreign investment approvals performed even better, accelerating to P163 billion in the same period, a stunning 65,436 percent growth from just P249 million in the same timeline in 2022. It accounted for nearly 40 percent of the aggregate total with domestic investment nods taking up the rest with P251.3 billion, a 47.6 percent rise from P170.3 billion last year.
Foreign capital
Based on latest BOI figures from Jan. 1 to Feb. 9, 2023, the bulk of foreign capital is from Germany with P157 billion followed by the Netherlands (P2.7 billion), Japan (P524 million), the United States (P509 million) and the United Kingdom (P194 million).
Conversely, BOI registered the largest approvals in 2022 among the investment promotion agencies (IPAs), with P729 billion out of P927 billion, equivalent to 76 percent of total IPA foreign and domestic approved investments.
“BOI-approved foreign capital for barely the first months of 2023 has already reached 56 percent of the total figure for all IPAs last year. So, this year looks very promising with heightened prospects and through our collective efforts, we are on course to surpass the 2022 figure way ahead of time,” Pascual added.
In terms of regional dispersion, investments in Western Visayas led the way with P293.3 billion, followed by Calabarzon with P111.7 billion. Eastern Visayas (P3.5 billion), Central Luzon (P3 billion) and National Capital Region (P783 million) completed the top five regions.
The renewable energy/power sector remains dominant with P398.7 billion in approvals to date, up 138 percent from the same period last year with P167.9 billion. Manufacturing is also on the upswing with P12.3 billion in approvals, up 13,982 percent from just P87 million in the same time frame in 2022. Administrative services (P1.3 billion), agriculture (P901 million) and transportation (P847 million) also make up the biggest sectors.
Among the top projects approved for January 2023 is German-owned WPD Philippines Inc.’s P392 billion offshore wind farms located in Cavite, Negros Occidental, and Guimaras, which will provide greener power solutions to local communities and businesses. (with PR)