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BOI raises 2023 investment target by 50% to P1.5T

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The BOI revised its target investment approvals this year to P1.5 trillion, 50 percent higher than what was initially set, banking on its strong performance at the start of the year and the outstanding volume of investment leads for the remainder of 2023.

Last week, it said its total investment approvals had already reached P414.3 billion as of Feb. 9, just six weeks from the start of 2023.The BOI is coming from a strong performance last year when it was able to arrest a two-year decline, approving a total of P729 billion worth of investments, which is equivalent to an 11- percent growth from the P655 billion registered in 2021.Approved investments stood at P1.02 trillion in 2020 and at P1.14 trillion in 2019.

The bulk of these foreign investment pledges were from Germany, totaling P157 billion. The Netherlands followed with P2.7 billion, Japan with P524 million, the United States with P509 million and the United Kingdom with P194 million.

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