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Total investment approvals reached P734 billion in the first three quarters of the year, a 102% surge from the P362 billion recorded year-on-year
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Almost 60% of the latest total is accounted for by Board of Investment-approved foreign investments or P427 billion
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German investments primarily for renewable energy sector projects represent 80% of the BOI-approved investments
Total investment approvals reached P734 billion in the first three quarters of the year, a 102% surge from the P362 billion recorded during the same period in 2022, according to the Department of Trade and Industry.
Of the total, foreign investments approved by the Board of Investments (BOI) represented almost 60% or P427 billion, up 150% year-on-year. And of the P427 billion, 80% are from Germany and primarily for renewable energy sector projects, said Trade Undersecretary Ceferino Rodolfo in a Malacañang press briefing on October 17.
Rodolfo credited President Ferdinand Marcos Jr.’s foreign visits for attracting more foreign investments, noting many have come from Japan, China and the United States, which the President had visited late last year and early this year.
In addition to the BOI-approved investments, the Philippine Economic Zone Authority (PEZA) has green lit P131 billion in investments from January to October, a 232.45% increase from P39.632 billion during the same period in 2022.
In a related development, Trade Secretary Alfredo Pascual said the country recorded P1.4 trillion in total approved investments since the start of the Marcos administration.
“Since the beginning of the Marcos Jr. administration, we have seen a substantial increase in approved foreign investments,” he said, sharing the information with Marcos and noting the significant growth in foreign investment approvals by both BOI and PEZA.
The approvals surged from $1.1 billion in the first half of 2022 to $3.3 billion in the second half of the same year.
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