BOI: Total approved investments hit P1 trillion as of end-October

The Board of Investments (BOI) on Friday said its total approved investments reached the P1-trillion mark in the first 10 months of 2023.

In a statement, the BOI said approved investments hit P1.07 trillion following the approval of the new offshore wind power projects of the Copenhagen Infrastructure New Markets Fund (CI NMF) Corporation valued at P329.74 billion.

The CI NMF project would provide a total of 230 jobs for Filipinos as the Dutch company would operate several offshore wind power projects in various parts of the country: the 1,000-megawatt (MW) San Miguel Bay Offshore Wind Power Project offshore of Camarines Norte and Sur; the 650 MW Samar Norte Offshore Wind Power Project offshore of Samar; and 350 MW Dagupan Offshore Wind Power Project offshore of Pangasinan and La Union.

“This project is an example of the foreign investors’ deepening interest in investing in the Philippines. It also shows that we are positioning our country as an ideal investment of choice, especially in green investments such as in renewable energy and green metals,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.

Meanwhile, the BOI’s total approved investments for the January to October period grew by 86% from P576.21 billion recorded in the same period last year.

“The BOI hitting the trillion mark in investment approvals proves that the Philippines is heading in the right direction to become Asia’s premier investment destination of choice,” said Trade Secretary and BOI Chairman Alfredo Pascual.

Broken down, foreign investment approvals of the BOI stood at P757.33 billion, up 567% from last year’s P113.49 billion.

In addition, approved domestic investments totaled P316.22 billion.

The bulk of foreign capital came from Germany at P393.28 billion, followed by the Netherlands (P333.61 billion), Singapore (P17.07 billion), the United States (P2.63 billion), France (P2.04 billion), and United Kingdom (P1.05 billion).

At the domestic level, investments in Western Visayas topped the list at P307.25 billion, with CALABARZON taking up second place at P167.11 billion.

The Bicol Region (P162.92 billion), Eastern Visayas (P128.22 billion), and Ilocos Region (P122.18 billion) completed the top five regions.

On a per sector basis, the BOI said the renewable energy and power sector took center stage in the Philippines' investment landscape, with P899.79 billion worth of investments, up 187% from P313.07 billion year-on-year.

The approved renewable energy investments were meant to develop diverse projects such as solar, wind, hydropower, and biomass.

The information technology sector also secured total approvals of P95.51 billion, while transportation and storage, particularly in water transport, raked in P21.27 billion in approved investments.

Approved projects in the manufacturing industry stood at P16.37 billion, while administrative and support service activities, including the IT-BPM industry, received P8.94 billion in investments.

The BOI said 2023 was the third consecutive year the board surpassed the trillion-peso mark in investment approvals.

The BOI registered its highest investment approval of P1.14 trillion in 2019, followed by P1.02 trillion in 2020, despite the disruptions and challenges caused by the COVID-19 pandemic.

Aiming to grow beyond by going beyond, the BOI anticipates a continuous influx of investments throughout 2023, building upon the momentum of the first ten months of the year and ultimately setting the stage for another record year for Philippine investment approvals, it said. — DVM, GMA Integrated News