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BOI investment approvals hit ₧698B in H1, up 203% | Andrea E. San Juan

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Trade and Industry Secretary Alfredo E. Pascual,who chairs the BOI, said the Philippines is poised to become Asia’s “premier” investment destination as the BOI just approved P698 billion worth of investment approvals for the first half of 2023. Know more:

TRADE and Industry Secretary Alfredo E. Pascual, who chairs the Board of Investments , said the Philippines is poised to become Asia’s “premier” investment destination as the BOI just approved P698 billion worth of investment approvals for the first half of 2023, a 203-percent growth from the P230 billion recorded in the same period a year ago.

Data from the BOI showed that foreign investment approvals accounted for 60 percent of the total investment approvals pie, which is equivalent to P423 billion, a 52-fold increase from just P7.89 billion in the first half of 2022. P275 billion, a 24-percent increase from the P222 billion recorded in the same period last year.

In terms of regional dispersion, meanwhile, investments in Western Visayas ranked first at P306 billion, with Calabarzon at second with P164 billion. Ilocos Region at P55.5 billion, Central Luzon at P28.7 billion, and National Capital Region at P25.6 billion completed the top five regions. Moreover, five transportation and storage projects amounting to P21.3 billion came in; along with 21 projects in manufacturing with P16.1 billion, and 11 in agriculture with P6.4 billion.

The DTI said the increase in telecommunications infrastructure in unserved/underserved areas will provide more Filipinos access to the internet.

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