The Board of Investments (BOI) is keeping its target of reaching ₱1.75 trillion in approved investments this year, despite the latest numbers suggesting the lofty goal could be well out of reach.

“I mean, we always want to reach our target,” BOI Chairman and Department of Trade and Industry (DTI) Secretary Cristina Roque told reporters last week.

If the BOI reached this goal, it would be the all-time high for approved investments by the investment promotion agency (IPA).

This is eight percent higher than the investments approved last year at ₱1.62 trillion, which is currently the highest.

But based on data from the Philippine Statistics Authority (PSA) over the first nine months, the ₱1.75-trillion goal appears to be already in jeopardy.

BOI’s approved investments from January to September totaled ₱588.10 billion, or about 34 percent of the 2025 target.

This is also 57 percent lower compared to the same period in 2024, which stood at ₱1.37 trillion.

Asked whether this year’s target would remain unchanged, Roque said the BOI will issue a statement soon on the matter. She did not disclose whether this would revise the target.

“Actually, we are still discussing this,” she said.

Investment sentiment in the country remains dampened by uncertainties surrounding the United States’ (US) protectionist policies.

The US earlier imposed a 19-percent tariff on exports coming from the Philippines.

Unlike neighboring countries in Southeast Asia, the country has yet to secure a reciprocal tariff deal with Washington that would bring predictability to its overall trade climate.

There is some optimism to be had after US President Donald Trump issued a policy on Nov. 18 that would grant additional exemptions for agricultural products not produced in the US.

These commodities, including coconuts, fruit juices, and confectionery goods, generated over $1 billion in export revenue last year.

However, it is also important to note that investor confidence in the country is affected by the ongoing corruption scandal in the public works sector and by political spats among feuding high-ranking officials.

Several business and civil society groups have since urged the government to fast-track the resolution of these issues, warning that investors could otherwise shift to countries that appear more stable.

Earlier, Roque said the government will bank on trade missions to attract investors to the country, leveraging incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

The CREATE MORE Act grants registered businesses access to income tax benefits such as income tax holiday (ITH) and special corporate income tax (CIT).

This was also echoed by former Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) Secretary and now Finance Secretary Frederick Go, who said in September that the country aims to surpass the record-high ₱1.9 trillion in approved investments recorded by IPAs last year.

Go has said the government delayed many of its CREATE MORE roadshows in the first half due to uncertainties surrounding Trump’s tariffs.

Based on PSA data, investments in IPAs in the first nine months hit ₱824.70 billion or 43 percent of last year’s total.