BOI marks anniversary with record-breaking approvals of P1.35 trillion
The Board of Investments (BOI) marked its 57th founding anniversary with record-breaking approvals that reached P1.35 trillion, surpassing last year's total approved investments of P1.26 trillion.
According to BOI, the P1.35 trillion investment approved from January to September 15 is 82 percent higher than the P741.98 billion worth of approved investment in the same period of previous year.
Majority of the approved investments for this year were from local investments amounting to P1.01 trillion,marking a 221 percent increase from the same period in the previous year while foreign investments were at P341.78 billion.
It noted that "Calabarzon region remained the top recipient of local investments with P602.63 billion, followed by Central Luzon (P258.68 billion), Western Visayas (P238.88 billion), Bicol Region (P142.87 billion), and Ilocos Region (P62.68 billion)."
It also shows the top foreign investment sources includes Switzerland with P286.77 billion, Netherlands with P39.58 billion, Singapore with P6.18 billion, United States with P1.68 billion and Taiwan with P1.30 billion.
The BOI noted that "the energy sector, mainly projects in renewable energy, continued to dominate the investment approvals at P1.29 trillion."
"Other top sectors included Real Estate Activities (Mass Housing) at P20.28 billion; Manufacturing at P12.13 billion; Agriculture, Forestry, and Fishing at P10.05 billion; and Administrative and Support Service Activities at P5.46 billion," it stated.
The Department of Energy (DOE) said the surge in the investment approvals "underscores the government’s sound policies initiated by President Ferdinand Marcos Jr. administration that have created a favorable business environment for investments."
"Notable among these policies is the lifting of foreign ownership restrictions of most renewable energy projects, alongside measures and mechanisms to accelerate their development," it said.
The DOE said that the "government has also simplified the application process for renewable energy development and duty-free importation incentives."
"It has created new opportunities for new investments within existing contract areas, allowing them to apply for additional renewable energy contracts. This could lead to extended contract terms and incentives for capacity-increasing investments," the DOE added. Robina Asido/DMS
