BOI approves PHP1.15 trillion investments by mid-2024

By Francis Allan L. Angelo

The Board of Investments (BOI), a key agency under the Department of Trade and Industry (DTI), has achieved a remarkable milestone, reporting PHP 1.15 trillion in approved investments by the end of July 2024.

The figure is a 65% increase from the PHP 699 billion recorded during the same period in 2023, signaling significant growth in sectors critical to the Philippines’ economic development.

Among the recently approved projects that contributed to this milestone are a PHP 185 billion solar project with battery energy storage, a PHP 1.2 billion manufacturing facility for biscuits, PHP 263 million in solar rooftop projects, and a PHP 245 million facility for activated carbon and charcoal production.

BOI Managing Head and Undersecretary for Industry Development and Trade Promotion Group, Ceferino Rodolfo, revealed the department’s thrust.

“Our target is clear: to hit and even surpass PHP 1.6 trillion in approved investments this year. With the momentum we have built, we are confident in achieving and exceeding this goal, driving economic development.”

The BOI has focused on renewable energy projects, including the PHP 297 billion Pakil Pumped Storage Hydroelectric Power Project and the PHP 114.7 billion Guimaras Strait Offshore Wind Power Projects.

The removal of nationality restrictions on renewable energy investments has played a pivotal role in facilitating these developments.

Additionally, renewable energy initiatives are helping to reduce the traditionally high power consumption of industries such as cement production, making the Philippines an increasingly attractive destination for foreign investors.

The BOI’s proactive approach has led to the registration of high-profile projects by major companies including Optum (Cebu), Atento, Toyota Motor Philippines, and Macquarie Green Investment Group. Significant projects supported by the BOI also include Collins Aerospace, Dyson, and Nitori Holdings Co.

Noteworthy developments in the domestic sector include Hyundai Heavy Industries’ shipbuilding project at Subic Bay, Endec’s Hyperscaler Data Center, and Taehiyo Cement’s modernized facility in Cebu. FedEx’s expansion in Clark, Pampanga, is set to transform the area into a premier logistics hub.

Local investments are also contributing to job creation and food security. SteelAsia’s PHP 92 billion investment in steel mills and Mega Prime Foods’ new facility in Batangas are notable examples. Additionally, the Wawa Dam project is expected to supply over 710 million liters of water daily to Metro Manila and Rizal by 2025.

As part of its ANGAT Negosyo vision, the DTI is leading efforts to enhance the ease of doing business by streamlining and digitalizing institutional and regulatory requirements. These initiatives aim to improve the efficiency of business processes, particularly for strategic investments.

In tandem, the ASENSO Trabaho thrust focuses on creating an attractive investment climate, promoting trade agreements, and facilitating partnerships between domestic and foreign businesses, essential for fostering a thriving business ecosystem.

These developments underscore the effective implementation of policies designed to enhance the business environment in the Philippines, making the country an increasingly attractive hub for both local and foreign investors.