The Board of Investments (BOI) has approved a new batch of projects worth ₱26.43 billion for government incentives, as the agency races to hit its target of ₱1.75 trillion in investments for the year.

In a statement on Friday, Dec. 12, the BOI said it cleared 13 new projects totaling ₱26.43 billion during its management committee meeting this week.

These projects are expected to create 2,632 jobs nationwide, according to the investment promotion agency.

A bulk or 87 percent of these new jobs come from the approval of a service export project under the information technology and business process management (IT-BPM) sector.

The project will open additional service delivery centers across key urban areas in Luzon, ranging from global human resources (HR) solutions to remote staffing and business process services, bringing in a total of 1,300 new jobs.

Meanwhile, most investments are from the approval of large-scale solar and wind power projects, totaling over 320 megawatts of new generation capacity.

These investments, which are seen to contribute to the country’s clean energy transition, amount to more than ₱23 billion.

The BOI also approved new mass housing developments valued at nearly ₱1.8 billion, projected to generate around 200 jobs in construction and related industries.

It also cleared an expansion project in the food manufacturing sector during the management committee meeting.

These newly approved investments bring the year-to-date total of BOI approvals to around ₱843.24 billion, covering 274 projects.

The BOI reported on Monday that investment approvals from January to November totaled ₱816.81 billion, just over half of the agency’s target for this year of ₱1.75 trillion.

BOI chair and Trade Secretary Cristina Roque said last month that the agency is keeping its target for the year despite investment numbers suggesting otherwise.

Roque is banking on the potential approval of 10 new big-ticket projects before the end of the year to inject as much as ₱1 trillion into the agency’s full-year tally.

These projects seeking to benefit from fiscal and non-fiscal incentives from the BOI include three hydroelectric projects, four offshore wind (OSW) projects, two air transport service projects, and one transport infrastructure project.

The management committee meeting this week did not include these potential investments since they are still undergoing “rigorous evaluation and due diligence.”

“These major projects, once endorsed by the Board, are expected to provide an even stronger boost to the country’s investment performance,” said Roque.

The BOI is scheduled to hold the final board meeting of the year next week. It is still uncertain whether this meeting will approve the said big-ticket projects.

Roque has said that the BOI is accelerating project approvals following a directive from President Ferdinand “Bongbong” Marcos Jr. to boost the country’s economic activity and create new jobs.

“Each project creates jobs, opens opportunities, and strengthens the economy, demonstrating that growth can be inclusive and sustainable,” she said.