The Board of Investments (BOI) is confident of hitting P1 trillion in pledges in 2023 after failing to reach this level this year
In a press conference, Trade Secretary Alfredo Pascual who is BOI chairman said the agency has investment leads of P372.8 billion which he expects to materialize by 2023.
Pascual said the BOI registered P644 billion projects in the first 11 months of the year, an increase of 73.51 percent from P371 billion in the same period in 2021.
With a month to go for 2022, BOI managing head Ceferino Pascual expressed doubt the agency will hit the P1-trillion target set for the year.
“What is sure is we will exceed the P655-billion registered in 2021. We did not foresee the Ukraine-Russia conflict which had a global impact,” Rodolfo said.
According to Rodolfo, BOI expects a $1.2-billion investments in a 1.3-gigawatt floating solar power plant as well as offshore wind power projects.
“These big ticket would be benefit from policies on green metals and renewable energy with the amendments to the IRR (implementing rules and regulations of the Renewable Energy Act allowing foreigners explore RE). We have hit the ground running these past few months to attract investments from East Asia such as Japan ,” Rodolfo said.
Of the P644.4 billion approved investments, 81 percent or P518.3 billion were domestic investments, while 19 percent or P126.1 billion came from foreign sources.
The highest investment was committed to the power sector at P343.8 billion, followed by information and communication, P197.6 billion; administrative and support services activities, P26.8 billion; transportation and storage, P25.2 billion; and real estate, P23.8 billion.
Singapore was the biggest country source of BOI-approved foreign investments, with P75.3 billion followed by Japan, P29.9 billion; United Kingdom, P9.9 billion; British Virgin Islands, P2.6 billion and; South Korea, P2.5 billion.
The BOI said of the P372.8 billion investment leads, P125.3 billion are for information technology-business process management; P105.47 billion in real estate; and P66.9 billion in agriculture, forestry and fisheries.
