Pascual raises BOI’s 2023 investment target to P1.5T

Trade Secretary Alfredo Pascual has raised the investment registration target of the Board of Investments (BOI) for 2023 on the back of a robust pipeline of approvals and the pledges fetched during President Ferdinand Marcos Jr.’s foreign travels.

"Given the strong investment approvals for January as well as the robust pipeline of investment leads, including those generated through presidential visits, I have increased the 2023 investment registration target of BOI from P1 trillion to P1.5 trillion," Pascual said in a statement.

"I thank BOI for enthusiastically welcoming this challenge, and of course the President for his hard work in promoting the Philippines as a hub for sustainability and innovation-driven manufacturing and services in the region," he added.

According to the Presidential Communications Office (PCO), Pascual told Marcos that a total of 116 projects worth $62.926 billion, or P3.48 trillion, were secured from his foreign trips since assuming the presidency on June 30.

Pascual said the investment pledges include the following: Indonesia, $8.48 billion; Singapore, $6.54 billion; the United States, $3.847 billion; Thailand, $4.62 billion; Belgium, $2.20 billion; China, $24.239 billion; and Japan, $13 billion.

Meanwhile, data from the Department of Trade and Industry (DTI) showed the BOI approved P414.3 billion worth of investment commitments as of February 9, 2023, up 142.9% from P170.5 billion year-on-year.

Pascual said the BOI still has potential investment leads worth around P344 billion that will be processed.

"And more likely than ever, we may have 80% to 90% of the target even before the middle of the year," he said. —VBL, GMA Integrated News