Approved investment pledges surge to P1.16T in Jan-July —BOI

The Board of Investments (BOI) has approved over a trillion pesos worth of investment commitments in the first seven months of 2024.

In a statement on Friday, the BOI said it secured P1.15 trillion worth of investment pledges from January to July, up 65% from P699 billion in the same period last year.

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

These include the P185-billion solar project with battery energy storage, a P1.2-billion manufacturing and processing facility for biscuits, P263 million-worth of solar rooftop projects, and a P245-million activated carbon and charcoal production facility.

It also approved the P297-billion Pakil Pumped Storage Hydroelectric Power Project and the P114.7-billion Guimaras Strait Offshore Wind Power Projects.

“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,” said BOI managing head and Undersecretary for Industry Development and Trade Promotion Group Ceferino Rodolfo.

Rodolfo cited former Trade Secretary and BOI chairman Alfredo Pascual’s role in hitting the agency’s milestone as of July 2024.

“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,” said Rodolfo.

“This milestone was facilitated by revised rules removing nationality restrictions on renewable energy investments,” the agency said.

“Additionally, renewable energy projects are helping to reduce the high power consumption typically associated with manufacturing operations like cement production. This focus on sustainability and efficiency is also attracting a wave of foreign investment,” it said.

The BOI also cited the registration of high-profile projects by companies such as Optum (Cebu), Atento, Toyota Motor Philippines, and Macquarie Green Investment Group resulting from proactive engagement with various investment promotion agencies.

The agency said it also supported projects by Collins Aerospace, Dyson, and Nitori Holdings Co.

“Major developments include Hyundai Heavy Industries' shipbuilding project with the Subic Bay Metropolitan Authority, Endec’s Hyperscaler Data Center, and Taehiyo Cement’s modernized Cebu facility,” it said.

“FedEx’s expansion at Clark, Pampanga, aims to transform the area into a premier logistics hub,” it added.

The BOI said the growth in approved investments was also fueled by domestic investments that advance job creation and food security, which include SteelAsia's P92-billion investment in steel mills and Mega Prime Foods’ facility in Batangas.

“Moreover, the Wawa Dam project will supply over 710 million liters of water daily to Metro Manila and Rizal by 2025,” it said. — VBL, GMA Integrated News