DTI Chief Alfredo Pascual predicts that the Philippines is on track to become Asia’s top investment destination, as investment approvals have significantly surged in the first semester. The Board of Investments (BoI) revealed that planned investments amounting to P698 billion have more than tripled, showing a remarkable 203 percent increase compared to the previous year’s P230 billion. This growth is supported by 155 projects, marking a 43 percent rise from the 106 recorded in January-June 2022.
These investments have the potential to generate 29,965 jobs if fully realized, representing a notable 96 percent increase year on year. Impressively, foreign investments accounted for P423 billion, a staggering 5,264 percent surge compared to the P7.89 billion recorded in the first half of the previous year. Meanwhile, domestic pledges rose by 24 percent to reach P275 billion from P222 billion.
Trade Secretary Alfredo Pascual conveyed his optimism, stating, “The Philippines is poised to become Asia’s premier investment destination.” He emphasized that foreign investment pledges have reached an all-time high, reflecting the country’s growing appeal to investors.
The influx of investments is led by German firms, committing to invest P393 billion, followed by Singapore (P16.8 billion), the Netherlands (P3.57 billion), France (P2.04 billion), and the United States (P1.9 billion).
Region 6 (Western Visayas) is expected to benefit the most from these investments, with P306 billion in planned investments. Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) follows with P164 billion, while Ilocos (P55.5 billion), Central Luzon (P28.7 billion), and Metro Manila (P25.6 billion) also show promising figures.
Renewable energy projects constitute a significant portion, with over three-fourths (76.83 percent) of the investment approvals involving 30 solar, wind, and biomass projects worth P536.5 billion. This highlights the Philippines’ commitment to sustainable and eco-friendly initiatives, attracting investment in the renewable energy sector.