Approved foreign investments under Marcos admin at P1.4T, DTI says

The Philippine has recorded a substantial increase in foreign investment approvals this year, according to Trade and Industry Secretary Alfredo Pascual.

Pascual said the country already has P1.4 trillion in total approved investments, most of which came in the first half of 2023. 

“The future looks promising, Mr. President, given the rising trend in foreign investment approvals by the DTI’s investment promotion agencies – BOI (Board of Investments) and PEZA (Philippine Economic Zone Authority). In addition, we continue our efforts to promote the Philippines as an attractive investment destination,” Pascual said in a meeting on Tuesday.

Pascual said the foreign investment approvals were just USD 1.1 billion in the first half of 2022; but it increased to USD 3.3 billion in the second half of the same year.

“And when we look at the first half of 2023, the approvals ballooned to USD 8.4 billion. These are the foreign investment approvals that will be realized over time,” Pascual said.

Further, Pascual expressed optimism on the FDI inflows being reported by the Bangko Sentral ng Pilipinas, saying that “BOI and PEZA are building up a good pipeline of approved foreign-invested projects that will eventually be implemented as actual investments.” —VAL, GMA Integrated News