Investments registered with the Board of Investments reached P414 billion in the first 40 days of 2023, already accounting for more than 40 percent of the P1 trillion investments target for the year, according to Trade Undersecretary and BOI managing head Ceferino Rodolfo.
In a forum, Rodolfo said investments registered with the BOI in January and the first nine days of February, citing the last meeting of the BOI Board of Governors on Feb. 9, already reached P414 billion.
“So that means that out of our target of P1 trillion, we already hit more than 40 percent of that,” Rodolfo said.
“And if you compare our registered investment project total with last year, we have already reached close to 60 percent,” Rodolfo said, referring to the P729 billion investments approved by the BOI in 2022.
Rodolfo said President Marcos’ visits to other countries have created a pipeline of strong interest from investors.
“We really credit a big part of that to the strong efforts of the President to promote the Philippines,” he said.
Rodolfo said the new investments registered with the BOI were only part of the pipeline of interest generated by the President during his trips in the second half of 2022.
“And now, with the Japan presidential visit, we are tracking the pledges,” Rodolfo added.
In November last year, the BOI said that its target of P1 trillion in investments for 2022 is unlikely to be reached, citing the Ukraine-Russia war that affected investments.
“Moving forward, as directed by the secretary, we are targeting P1 trillion investments for 2023. We have a healthy pipeline of strong leads, including those generated and further confirmed through investment missions by the secretary and through the presidential visits by President Marcos,” Rodolfo said.
Trade Secretary Alfedo Pascual emphasized earlier that business missions and presidential visits to various countries have generated strong, tangible interest in the country’s renewable energy sector, particularly in the area of off-shore wind power generation projects.
“Investors welcomed the strong political will of the administration to push for RE, especially with the recent amendment by the Department of Energy of the Renewable Energy Act IRR (implementing rules and regulations) to now allow for 100 percent foreign equity ownership of solar, wind and tidal power projects,” Pascual said.
He explained that RE investments are of critical strategic importance for the Philippines as the country is being positioned as a regional hub for innovation and sustainability-driven manufacturing and services.
“We provide the solutions for companies who are actively looking for suitable locations that will help them achieve their Net-Zero Carbon commitments,” Pascual said.
Apart from the renewable energy sector, Pascual said there are also investment leads that want to take advantage of the government’s full implementation of game-changing pieces of reform legislation in the areas of public utilities, retail trade and tech start-ups.