BOI surges past 2023 investment goal, approves P1.35t by mid-September

The Philippine Board of Investments surpasses its P1.26 trillion full year investment approvals for 2023 as it reaches P1.35 trillion by its 57th founding anniversary on September 16, 2024. This figure marks a significant 82% increase from the P741.98 billion approved in January to September 15 last year.

Relatedly, SAP Go also highlighted the efforts of the Office of the Special Assistant to the President for Investment and Economic Affairs in collaborating with Investment Promotion Agencies to secure the passage of the CREATE MORE Bill. “This will improve ease of doing business, promote inclusive economic growth, and solidify the Philippines’ position as an attractive investment destination,” he added.

Foreign investments constituted a substantial portion of the approved projects as well, amounting to P 341.78 billion. Leading the foreign investors was Switzerland, contributing P286.77 billion, followed by the Netherlands with P39.58 billion, and Singapore with P6.18 billion. The United States and Taiwan also made notable contributions with P1.68 billion and P1.30 billion, respectively.

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BOI investment approvals in January to mid-September hit P1.35TINVESTMENT approvals from January to mid-September this year reached P1.35 trillion, surpassing the P1.26-trillion full-year investment approvals last year, with renewable energy projects accounting for a huge chunk of the pie, according to the Board of Investments (BOI).
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