THE Board of Investments is looking to raise this year's investment approval target to P1.6 trillion given a record first half and other positive developments.Trade Undersecretary and BoI Vice Chairman Ceferino Rodolfo said the bureau could drop the current goal of P1.5 trillion as approvals were now more than over half of that.This is also despite the Bangko Sentral ng Pilipinas having reported that actual foreign investments had fallen to a 10-month low in April.
'Notwithstanding the drop by 37 percent, but considering that the overall number is still up from 18 percent from January to April and considering the pipeline, let's just say that we are thinking of adjusting the upper limit to P1.6 trillion,' Rodolfo told reporters on Monday.Investment pledges approved by the BoI, meanwhile, surged to P950 billion in the first six months of 2024, 36 percent higher than the year-earlier P698 billion.
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