THE Board of Investments (BoI) said on Thursday that it approved P950 billion worth of proposed projects in the first six months.
The first half total is up 36.1% from a year earlier, the BoI said in a statement.
The bulk of the investments approved in the six months to June were from domestic sources, while 30%, or P286 billion, originated from overseas.
Trade Secretary and BoI Chairman Alfredo E. Pascual said that despite a 37% drop in foreign direct investment (FDI) for the period, he remains optimistic with the investment pipeline continuing to build up.
“Our confidence in the Philippine economy remains unshaken, supported by a 19% increase in FDI over the first four months of the year compared to last year,” Mr. Pascual said.
“We are also banking on the investment pipeline built from the BoI’s high level of foreign investment approvals,” he added.
The central bank reported on Wednesday that FDI net inflows slumped to a 10-month low in April to $556 million from $881 million a year earlier.
Meanwhile, four months to April FDI net inflows rose 18.7% to $3.53 billion.
Renewable energy investments continued to account for the biggest portion of the approvals, with the electricity, gas, steam, and air conditioning supply sectors making up 96.3% of the total.
The agriculture, forestry, fishing, and real estate industries also saw growth in potential investments during the period.
Region IV-A (Calabarzon) accounted for P592 billion of the approvals. Other top destinations were Region VI (Western Visayas) and Region III (Central Luzon).
For the Philippines to keep attracting global investments, Mr. Pascual cited the need for continuous promotion and streamlining of administrative processes.
“Our strategic focus on enhancing the ease of doing business and providing robust support for high-potential sectors is more crucial than ever,” he said.
“These efforts are pivotal in ensuring the Philippines remains a top-tier investment hub in Asia,” he added. — Justine Irish D. Tabile
