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Manila Bulletin devider Business devider Trade & Industry devider BOI approves P1.1 trillion in investments at end-July

BOI approves P1.1 trillion in investments at end-July

Published Aug 2, 2024 04:31 am

The Board of Investments (BOI) said that approved investments have surpassed the trillion-peso mark in the first seven months of the year, propelled by investments in renewable energy and agribusiness sectors.

In a statement, the Department of Trade and Industry (DTI) said that its attached agency approved P1.15 trillion in investments from January to July, a 65 percent increase from P699 billion in the same period last year.

“Under the leadership of DTI Secretary and BOI Chairman Fred Pascual, the BOI has seen significant growth in approved investments in sectors critical to national development,” the department said.

Notably, the BOI said it reached the trillion-peso mark with projects in renewable energy and agribusiness, supported by investments from a US equity fund and a major food conglomerate, among others.

The recent project approvals include a P185 billion solar project with battery storage, a P1.2 billion facility for making biscuits, solar rooftop projects worth P263 million, and a P245 million activated carbon and charcoal production facility.

“These investment approvals underscore our unwavering commitment to fostering a robust and dynamic economic environment. As we continue to attract significant investments, we lay the groundwork for sustainable growth that will benefit all Filipinos,” Pascual said.

“It has been an honor to contribute to this legacy of economic progress as I prepare to step down from my role,” he added.

BOI Managing Head and Undersecretary for Industry Development and Trade Promotion Group, Ceferino Rodolfo, emphasized the agency’s ongoing efforts, adding, “Our target is clear: to hit and even surpass P1.6 trillion in approved investments this year.”

“With the momentum we have built, we are confident in achieving and exceeding this goal, driving economic development,” Rodolfo said.

He continued, “This legacy of attracting strategic investments is a testament to Secretary Pascual’s push for economic development. We, at the BOI, are committed to continuing the vision of Secretary Pascual for industrialization and the development of innovation- and sustainability-driven industries here in the Philippines.”

 

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Board of Investments (BOI) Department of Trade and Industry
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