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The Board of Investments is targeting P1.5 trillion of investment approvals this year as the Philippines saw first-quarter investments rise 155% year-on-year
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The Board approved investment projects reaching a total of P463.3 billion in the first quarter, up 155% from the P181.7 billion recorded in the same period last year
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BOI says foreign investment approvals jumped 3,722% while domestic investments rose 68%
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The bulk of the investments came from Germany, the Netherlands, the US, Japan, and the UK
The Board of Investments (BOI) saw a 155% jump in registered first-quarter investments year-on-year, and is confident it will hit the upgraded annual target of P1.5 trillion, said Trade Secretary Alfredo Pascual.
“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 new annual investment target of P1.5 trillion,” Pascual said in a statement.
For the first three months of 2023, total investment projects approved by the lead investment promotion agency reached P463.3 billion compared to P181.7 billion in the same period last year.
Foreign investment approvals accelerated to P165.4 billion in the first quarter, a spectacular 3,722% growth from just P4.33 billion in the same quarter in 2022.
Investments from overseas accounted for nearly 36% of the aggregate, while domestic investment nods took up the rest with P297.9 billion, a 68% rise from P177.3 billion last year.
Based on first-quarter BOI figures, the bulk of foreign capital amounting to P157 billion came from Germany, followed by P2.7 billion from the Netherlands, P1.2 billion from the United States, P524 million from Japan, and P293 million from the United Kingdom.
In terms of regional dispersion, investments in the Western Visayas led the way with P293.3 billion, while CALABARZON attracted P112.7 billion for second place. The Ilocos Region followed with P38.7 billion, Davao Region P3.6 billion, and the Eastern Visayas P3.6 billion to complete the top five regions.
Further, the renewable energy/power sector remains dominant investment focus with P440 billion in approvals to date, 156% higher than the P172 billion capital investment the sector attracted in Q1 2022.
Manufacturing is also on the upswing with P17 billion in approvals, 416% greater than the P3.3 billion during the same period last year. Administrative services received P3.7 billion, transportation and storage P1.2 billion and agriculture P929 million) also make up the biggest sectors.
Among the top projects approved for January to March 2023 is German-owned wpd Philippines, Inc.’s P392.4 billion offshore wind farms located in Cavite, Negros Occidental, and Guimaras, which will provide greener power solutions to local communities and businesses.
Filipino-owned 3 Barracuda Energy Corp. comes in second place with its P36.9 billion solar energy project located in the Ilocos Region.
“The number of RE (renewable energy) projects coming in is concrete evidence that we are on our way to becoming a global hub for sustainability and green projects, aligned with the national government’s policy of promoting cleaner and more sustainable sources of energy,” said Pascual.
“We aim to attract more RE players globally as full foreign ownership is now allowed under the amended implementing rules and regulations of the Renewable Energy Act.”
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