Investment pledges approved by the Board of Investments jumped 102 percent in the first nine months of 2023 to P734 billion from P362 billion in the same period last year, an agency official said Tuesday.
“The President’s visits have been resulting in actual investment registration and approvals,” said Rodolfo. About 90 percent of approved FDIs from January to September could be tracked from presidential visits, Rodolfo said.It noted that the share of FDIs to total investments generation increased to an average of 60 percent from 20 percent over the previous years, while the share of domestic investments fell to 40 percent from 80 percent.
“For minerals processing, investors haven’t invested yet, but we are tracking private sector companies and their prospective foreign partners, in particular for nickel processing,” Rodolfo said.Rodolfo said the improvements in policy measures also contributed to the confidence of investors to choose the Philippines as a preferred investment destination. These measures included the lifting of foreign ownership restriction in renewable energy projects, he said.