5-month investment pledges topped P560b

confidence it would achieve the P1.5-trillion full-year target set by the Department of Trade and Industry.

“Majority of the investment leads and approved investments are renewable energy projects. For the investments leads, at least half of that are RE,” Rodolfo said, referring to wind, solar, geothermal and hydroelectric power projects. Other approved renewable energy projects are a hydro power project in Kalinga and Apayao and a solar power project in Isabela.“The DOE does not, anymore, endorse coal-fired power projects,” he said.

Local investment commitments fell 21.86 percent to P156.35 billion from P200.1 billion a year earlier.The DTI and BOI revised the 2023 investment forecast to P1.5 trillion, or 50 percent higher than original target of P1 trillion due to a robust pipeline of investment leads, including those generated through the foreign trips of President Ferdinand Marcos Jr.

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