BOI project approvals climb 14 percent in 5 months

MANILA, Philippines — The cost of projects approved by the Board of Investments (BOI) in the five months to May this year went up by 14 percent, with the bulk coming from domestic firms.

In a statement, the BOI said it approved P640.22 billion worth of investments from January to May, higher than the P562.90 billion in the same period last year.

The BOI noted that the latest figure is the highest ever for the five-month period in the agency’s 57-year history.

Trade Secretary Alfredo Pascual said the BOI’s approved investments reflect sustained investor confidence in the country and its talent pool.

The investments are expected to generate 13,871 jobs for Filipinos.

Of the total approved investments in the January to May period this year, the BOI said P525.85 billion came from domestic sources, while foreign investments amounted to P114.37 billion.

Switzerland was the biggest source of foreign investments in the five-month period, contributing P62.89 billion.

Netherlands placed second, accounting for P39.33 billion, followed by Singapore (P6.07 billion), China (P1.53 billion), Taiwan (P1.28 billion) and the US (P953 million).

In terms of investment destination, Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon) took the top spot with P538.52 billion worth of investments.

It was followed by the Ilocos Region, which will receive P28.49 billion worth of investments, Central Luzon with P24.42 billion, the Bicol Region with P13.28 billion and Western Visayas with P8.54 billion.

By sector, the renewable energy and power sector had the biggest share of the approved investments in the January to May period with P607.47 billion, 20.73 percent higher than the previous year’s P503.18 billion.

Agriculture, forestry and fishing also received a notable amount of investments at P9.56 billion in the five-month period.

The real estate sector secured P8.17 billion in approved investments, while the transportation and storage sector received P4.61 billion and the manufacturing sector got P4.36 billion.

Financial and insurance activities, meanwhile, registered the highest growth rate in investments, which jumped by 236 percent to P227.95 million in the January to May period this year from P67.82 million last year.

Pascual said the BOI and other investment promotion agencies remain committed to attracting more investments and maintaining the growth in foreign direct investments through ongoing economic reforms and proactive investment promotion efforts.

“With a favorable business environment and strong investor confidence, the Philippines is well-positioned to further enhance its competitiveness and achieve sustainable economic development,” he said.