The Board of Investments (BOI) in the Philippines has set a target of ₱1.3 trillion to ₱1.5 trillion worth of investment approvals for 2024. The agency aims to prioritize investments in Renewable Energy (RE), RE equipment manufacturing, and mineral processing.
In 2023, the BOI recorded ₱1.26 trillion worth of investment approvals, marking a 73% increase compared to the previous year. The majority of the approved projects were centered around renewable energy, telco infrastructure, and the export of copper, gold, and other metals.
These projects are expected to create 49,030 jobs upon full operation. Foreign investments accounted for 61% of the approved investments, with Germany being the top contributor. Domestic investments made up the remaining 39% of the total investment approvals.
The BOI’s target for 2024 is aligned with the commitment set in the National Expenditure Program. However, the official commitment is to match the achievements of 2023.
The BOI has surpassed the trillion-peso mark in investment approvals three times in the past four years, with the previous record set in 2020 at ₱1.02 trillion and ₱1.14 trillion in 2019.
Source: PhilNews24 | January 8, 2023
