MANILA –The aggressive investment promotion efforts led by President Ferdinand R. Marcos Jr. both domestically and internationally have resulted in a remarkable Php1.16 trillion in investment approvals for the year 2023, marking the highest figure in the last five decades, according to a report by the Board of Investments (BOI) released on Wednesday.
In a statement, Department of Trade and Industry (DTI) Secretary and BOI Chairman Alfredo Pascual expressed confidence that this accomplishment will pave the way for further economic expansion in 2024.
“The BOI reaching Php1.16 trillion for 2023 reaffirms strong investor confidence in the administration of President Ferdinand R. Marcos Jr. – their responsiveness to the policy initiatives of the President and the effectiveness of the aggressive investment promotion activities under the ‘Make It Happen in the Philippines campaign,’” Pascual stated.
“With this remarkable milestone, we are all-the-more optimistic about opportunities that lie ahead in 2024, with the BOI poised to further catalyze smart- and sustainability-driven investments in the country,” he added.
Domestic investment approvals amounted to Php398.76 billion, representing 34 percent of all authorized investments. Meanwhile, foreign investment approvals experienced a staggering 452 percent increase, reaching Php763.22 billion compared to Php138.18 billion in 2022.
The Php1.16 trillion investment approval for this year encompasses 303 projects expected to generate over 47,000 local employment opportunities. The sectors of renewable energy and power, Information and Communication, real estate, manufacturing, and infrastructure are set to benefit significantly.
Germany emerged as the leading source of foreign investment, contributing Php393.28 billion, followed closely by the Netherlands (Php333.61 billion), Singapore (Php17.38 billion), and the United States (Php3.38 billion).
Among the regions, Western Visayas attracted the most investment at Php316.89 billion, with CALABARZON ranking second at Php211.89 billion. The top five regions were rounded out by the Bicol Region (Php162.92 billion), Eastern Visayas (Php128.62 billion), and the Ilocos Region (Php122.18 billion).
The Renewable Energy and Power industry continued its dominance in Philippine investment approvals, reaching Php968.14 billion, marking a significant 137 percent growth over the previous year’s record of Php409.03 billion. Notably, seven offshore wind power projects, totaling Php759.84 billion, were authorized in various locations.
The Information and Communication industry also experienced rapid growth, with approvals reaching Php96.16 billion. Manufacturing made a substantial impact, securing Php22.03 billion in authorized investments. Additionally, the infrastructure (Toll Roads) sector featured projects worth Php20 billion, while Real Estate Activities, particularly mass housing, attracted investments amounting to Php15.63 billion.
DTI Undersecretary and BOI Managing Head Ceferino Rodolfo revealed that three more projects, valued at approximately Php350 billion, are currently under assessment. They will be considered in the BOI Board and Mancom deliberations on December 28, pending compliance with both substantive and transparency requirements. (Presidential News Desk)
