Committed investments registered with the Board of Investments (BOI) in the first quarter this year rose 155 percent to P463.3 billion from P181.3  billion in the same period last year, largely due to P440 billion worth of investments for renewable energy projects.

The registered investments represent the combined costs of 68 projects approved by the BOI in the first three months of the year. These projects are also expected to generate 16,719 jobs once fully implemented.

With the huge jump in investment approvals, the BOI is looking at hitting its P1.5 trillion investments target this year.

Based on first quarter BOI figures, investments from Filipino businesses accounted for nearly 36 percent of total for P297.9 billion or 68 percent increase from P177 billion registered in the same period last year.

Foreign investments performed even better, accelerating to P165.4 billion in the same period, a remarkable 3,722 percent growth from just P4.33 billion in the same quarter in 2022.

The bulk of foreign capital came from Germany with P157 billion followed by the Netherlands (P2.7 billion), the United States (P1.2 billion), Japan (P524 million), and the United Kingdom (P293 million).

The bulk of the new approved projects come from the renewable energy/power sector, which captured  P440 billion in approvals to date or 156 percent higher than the same period last year with P172 billion.

Manufacturing is also on the upswing with P17 billion in approvals, 416 percent higher from just P3.3 billion in the same period last year. Administrative services (P3.7 billion), transportation and storage (P1.2 billion) and agriculture (P929 million) also make up the biggest sectors.

In terms of regional dispersion, investments in Western Visayas led the way with P293.3 billion, while CALABARZON took up second place with P112.7 billion. This is followed by Ilocos Region (P38.7 billion), Davao Region (P3.6 billion), and Eastern Visayas Region (P3.6 billion), completing the top five regions.

Among the top ticket items approved for January to March 2023 is German-owned wpd Philippines, Inc.’s P392.4 billion offshore wind farms located in Cavite, Negros Occidental, and Guimaras, which will provide greener power solutions to local communities and businesses. Filipino-owned 3 Barracuda Energy Corp. comes in second place with its Php36.9 billion solar energy project located in the Ilocos Region.

“The steady growth is proof of the government’s resolve to further improve the country’s business environment through investment-friendly policies. We shall continue with our aggressive investment promotion campaigns as investments are also set to provide higher quality and better-paying jobs for Filipinos,” said Trade and Industry Secretary Alfredo E. Pascual.

Pascual boasted of the local economy’s performance with the country's gross domestic product (GDP) expected to grow by 7.1 percent in the first quarter as latest data on employment and national government spending shows positive signals, making the Philippines one of the fastest-growing economies in the Asia-Pacific.

“With investment prospects being very positive, and as we continue to receive serious interest from global investors, we are definitely on track to meeting our new annual investment target of Php1.5 trillion," Pascual added.

“The number of RE projects coming in is concrete evidence that we are on our way to becoming a global hub for sustainability and green projects, aligned with the national government’s policy of promoting cleaner and more sustainable sources of energy. We aim to attract more RE players globally as full foreign ownership is now allowed under the amended implementing rules and regulations of the Renewable Energy Act,” Pascual concluded.