Investment approvals top P1T

APPROVED investment pledges hit P1.15 trillion as of end-July, the Board of Investments (BoI) said on Friday, surging by 65 percent from P699 billion a year earlier.

The agency, which is targeting P1.6 billion in approvals this year, said the trillion-peso mark was topped via renewable energy (RE) and agribusiness projects and investments from a US equity fund and a major food conglomerate, among others.

«With the momentum we have built, we are confident in achieving and exceeding this (the 2024) goal, driving economic development,» Trade Undersecretary and BoI Managing Head Ceferino Rodolfo said in a statement.

Trade Undersecretary and BoI Managing Head Ceferino Rodolfo (Photo by Robert Alfiler/PNA)

Outgoing Trade Secretary and BoI Chairman Alfredo Pascual, meanwhile, said the investment approvals «underscore our unwavering commitment to fostering a robust and dynamic economic environment.»

«As we continue to attract significant investments, we lay the groundwork for sustainable growth that will benefit all Filipinos. It has been an honor to contribute to this legacy of economic progress as I prepare to step down from my role.»

Key projects said to have contributed to the first-half surge were a P185-billion solar project with integrated battery storage, a P1.2-billion manufacturing and processing facility for biscuits, P263 million in solar rooftop installations and a P245-million activated carbon and charcoal production facility.

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With regard to the RE sector, the BoI said that it had particularly facilitated the P297-billion Pakil Pumped Storage Hydroelectric Power Project and the P114.7-billion Guimaras Strait Offshore Wind Power Project.

Policy changes such as the removal of nationality restrictions on RE-related investments spurred the growth in pledges, it added, also noting that RE projects were helping to reduce the high power consumption typically associated with manufacturing operations like cement production.

«This focus on sustainability, and efficiency is also attracting a wave of foreign investment,» the BoI said.

Engagement by other promotion agencies was also said to have led to high-profile registrations by companies such as Optum