THE Board of Investments (BOI) recorded approximately P1.15 trillion in approved investments by the end of July 2024.
This represents a 65 percent increase from the P699 billion booked for the same period last year.
Among the big-ticket investments for the month includes the P185 billion solar project with battery energy storage, a P1.2 billion manufacturing and processing facility for biscuits, P263 million-worth of solar rooftop projects and a P245 million activated carbon and charcoal production facility.
According to BOI managing head and undersecretary for Industry Development and Trade Promotion Group Ceferino Rodolfo, the agency’s target is to hit and even surpass P1.6 trillion in approved investments this year.
BOI is an attached agency of the Department of Trade and Industry.
The agency said it saw significant approvals in the renewable sector. These include the P297 billion Pakil Pumped Storage Hydroelectric Power Project and the P114.7 billion Guimaras Strait Offshore Wind Power Projects.
The increase in investments in renewable sector was facilitated by revised rules removing nationality restrictions on renewable energy investments.
Moreover, the proactive engagement of various investment promotion agencies 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 BOI said the growth narrative is equally fueled by domestic investments that advance job creation and food security.
These include SteelAsia’s P92 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.
“With the momentum we have built, we are confident in achieving and exceeding this goal, driving economic development,” Rodolfo said. / KOC