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Board of Investments approved P698B worth of investments in the first half, up 203% year-on-year
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Investments comprise 155 projects
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Foreign investment approvals accounted for 60% of the total approvals
THE Board of Investments (BOI) approved 203% more investments from 155 projects in the first half of the year.
The approved investments amounted to P698 billion vis-à-vis last year’s P230 billion, BOI said in a statement.
Foreign investment approvals accounted for 60% of the total approvals, equivalent to P423 billion, a 52-fold increase from P7.89 billion in the first half of 2022.
Domestic investment nods, at P275 billion, also rose 24% from P222 billion year-on-year.
The bulk of foreign capital came from Germany at P393 billion, followed by Singapore (P16.8 billion), the Netherlands (P3.57 billion), France (P2.04 billion), and the United States (P1.9 billion).
For domestic investments, those from Western Visayas ranked first at P306 billion, with Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon) taking up second place at P164 billion. Completing the top five regions are Ilocos Region (P55.5 billion), Central Luzon (P28.7 billion), and National Capital Region (NCR) (P25.6 billion).
The renewable energy/power sector made up the bulk (76.83%) of total investment approvals, with 30 projects in solar, wind, hydropower, and biomass projects totaling P536.5 billion.
Information and Technology (IT) projects are on the upswing, with eight projects worth P95.5 billion in approvals, mostly to finance telecommunication towers and the IT-BPM sector. There were also five transportation and storage projects (P21.3 billion), as well as 21 projects in manufacturing (P16.1 billion) and 11 in agriculture (P6.4 billion).
One of the notable projects approved this June is the Filipino-owned ISON Tower’s P58.7 billion telco project that will build and operate 4,600 Build-to-Suit (BTS) towers (Ground Based Towers and Roof Top Towers).
Last July 13, President Ferdinand R. Marcos, Jr. launched Executive Order No. 18 which created green lanes for strategic investments. The lanes are meant to expedite, streamline and automate government approval and registration processes for priority or strategic investments.
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