MANILA: The Board of Investments (BOI) reported Saturday that it has registered a total of PHP2.36 trillion in approved investments since the start of the Marcos administration in July 2022 until April 2024.
In a news forum in Quezon City, BOI Director Sandra Recolizado said the PHP2.36-trillion investment record comprised 157 projects, equivalent to USD42 billion worth of investments, which indicates ‘high investors’ confidence, and a favorable investment climate in the country.’
Recolizado clarified that this does not include the investments approved by the Philippine Economic Zone Authority (PEZA) and other investment promotion agencies.
She noted, however, that foreign direct investments declined in the first quarter of 2024 but the ‘investment climate can pick up’ because the year is just starting, and there are three remaining quarters for BOI investment approvals, as well as other investment promotion agencies.
The country’s FDI from October to November 2023 was a good indicator of this after it po
sted a 9.59-percent increase.
‘So, para sa amin, good indicator ito ng realized investments kasi iyong commitment, nata-transform siya sa realized investments at nari-reflect as FDI. So, four consecutive months na po na increasing ang FDI natin (So for us, this is a good indicator of realized investments because these commitments are transformed into realized investments and are reflected as FDI. So, FDI in the country has increased for four consecutive months,’ she said.
‘Iyong November to December, nag-increase po ang FDI by 30 percent. Iyong sa January, 90 percent. And then February, 30 percent. Cumulative growth rate po, comparison ng January to February 2023 and January to February 2024, mayroon tayong 48 percent growth rate (From November to December [2023], the FDI increased by 30 percent. Then [it increased to] 90 percent in January, and 30 percent in February. The cumulative growth rate in comparison from January to February 2023 and January to February 2024 is 48 percent).”
Recolizado said the BO
I is attracting more investment with the conduct of outbound missions targeting countries and companies for the country’s specific sectors.
The BOI has been focusing on the Philippines’ priority sectors to attain strategic positioning to develop or promote the nation as the strategic regional hub for smart and sustainability-driven industries.
Included in the priority list are electric vehicles, renewable energy, smart manufacturing, smart agriculture, semiconductors and electronics, data centers, telecom infrastructure, and cybersecurity.
Aside from outbound missions, Recolizado said, the agency is also conducting business fora to capture investors’ interest.
She also attributed President Ferdinand R. Marcos Jr.’s foreign tours with luring more investments into the country.
‘Ang number one salesman po talaga ng Philippines is the President (The number one salesman of the Philippines is the President),’ she said. ‘So, para po sa BOI, iyong mga (So, for the BOI, these) presidential visits are also a good
way to promote the Philippines as an investment location.’
Source: Philippines News Agency
