BOI-approved investments hit P800 billion

The Board of Investments (BOI) has already approved PHP 800 billion worth of investments as of early September, surpassing last year’s level, Trade Secretary Alfredo E. Pascual said.

Mr. Pascual told reporters on Monday that the BOI’s year-to-date investment approvals have already exceeded the PHP 729 billion in investments it greenlit in 2022.

The Trade chief said the BOI appears to be on track to reach its revised PHP 1.5-trillion full-year target.

“I am confident that this target could be achieved. There is even a possibility that it could be surpassed,” he told reporters in mixed English and Filipino.

The BOI raised its target for investment approvals this year by 50% to PHP 1.5 trillion from the original PHP 1 trillion.

Mr. Pascual had also said the Philippines is aiming to be a top-two destination within the Association of Southeast Asian Nations for foreign direct investments.

“But the more immediate and reliable barometer is the entry of investments in the BOI,” he said. — J.I.D. Tabile