Manila, Philippines — The Board of Investments (BOI) under the Department of Trade and Industry (DTI) has reported PHP1.15 trillion in approved investments as of the end of July 2024. This represents a 65% increase from the PHP 699 billion recorded for the same period last year.

Under the leadership of DTI Secretary and BOI Chairman Fred Pascual, the BOI has seen significant growth in approved investments in sectors critical to national development. Notably, the agency surpassed the trillion-peso mark with projects in renewable energy and agribusiness, supported by investments from a US equity fund and a major food conglomerate, among others.

The recent approvals of major projects, including a PHP 185 billion solar project with battery energy storage, a PHP 1.2 billion manufacturing and processing facility for biscuits, PHP 263 million-worth of solar rooftop projects, and a PHP 245 million activated carbon and charcoal production facility, were crucial to achieving this milestone.

Reflecting on the BOI’s achievements, Secretary Pascual said, “These 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.” He added, “It has been an honor to contribute to this legacy of economic progress as I prepare to step down from my role.”

BOI Managing Head and Undersecretary for Industry Development and Trade Promotion Group, Ceferino Rodolfo, emphasized the agency’s ongoing efforts, adding, “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,”

He continued, “This legacy of attracting strategic investments is a testament to Secretary Pascual’s push for economic development. We, at the BOI, are committed to continuing the vision of Secretary Pascual for industrialization and the development of innovation- and sustainability-driven industries here in the Philippines.”

Aligned with the Marcos Jr. administration’s vision for a sustainable Bagong Pilipinas, the BOI saw significant approvals in the renewable sector. These include the PHP 297 billion Pakil Pumped Storage Hydroelectric Power Project and the PHP 114.7 billion Guimaras Strait Offshore Wind Power Projects. This milestone was facilitated by revised rules removing nationality restrictions on renewable energy investments.

Additionally, renewable energy projects are 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 proactive engagement of various investment promotion agencies (IPAs) has led to the registration of high-profile projects by companies like Optum (Cebu), Atento, Toyota Motor Philippines, and Macquarie Green Investment Group. The BOI also supported projects by Collins Aerospace, Dyson, and Nitori Holdings Co.

Major developments include Hyundai Heavy Industries’ shipbuilding project with the Subic Bay Metropolitan Authority, Endec’s Hyperscaler Data Center, and Taehiyo Cement’s modernized Cebu facility. FedEx’s expansion at Clark, Pampanga aims to transform the area into a premier logistics hub.

The growth narrative is equally fueled by domestic investments that advance job creation and food security. These include SteelAsia’s PHP 92 billion investment in steel mills and Mega Prime Foods’ facility in Batangas. Moreover, the Wawa Dam project will supply over 710 million liters of water daily to Metro Manila and Rizal by 2025.

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

In parallel, the ASENSO Trabaho thrust focuses on creating an attractive investment climate, promoting trade agreements, and facilitating partnerships between domestic and foreign businesses. These initiatives are crucial in fostering a thriving business ecosystem that drives economic growth and job creation.

These achievements reflect the effective implementation of policies aimed at enhancing the business environment, including the ease of doing business initiatives and strategic economic reforms. The BOI, in collaboration with other government agencies, remains dedicated to sustaining this upward trajectory, ensuring that the Philippines remains an attractive hub for both local and foreign investors. ♦

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