By Junex Doronio
MANILA — For the first time in the 56-year history of the trade department’s Board of Investments (BOI), the Philippines approved P1.16 trillion in investments this year, 70 percent of which came from foreign investors.
Trade Undersecretary Ceferino Rodolfo said on Friday (December 29) that these investments are expected to generate between 150,000 to 200,000 jobs for Filipinos.
“Makikita natin ngayong 2024 kasama ng mga nasa pipeline of projects hindi lang yung magtatayo halimbawa ng solar projects, ng windmill power projects,” the DTI official bared.
Rodolfo also noted that the investments exceeded the previous record-high investment approval of P1.14 trillion in 2019.
He attributed the increase in investments to the current administration’s “aggressive promotion” of the country to foreign investors, particularly during President Ferdinand Marcos Jr’s trips abroad.
“Dati ho yan mix natin pagdating sa investment approvals, 80-20. Eighty percent is coming from local, 20 percent is coming from foreign. Ngayon makikita natin almost 70 percent na ho yung coming from foreign tapos 30 percent yung from local. Nabaligtad ho…dahil nakikita natin na yung foreign investors interest sa atin ay lumalaki,” Rodolfo said in a televised briefing.
The DTI official also said the majority of the approved investments were for digitalization and renewable energy.
“Kasama sa mga papasok dito sa atin yung mga magma-manufacture ng mga equipment at component that are needed for this project and we could also export these to other countries in the region,” Rodolfo said.
(IAmigo/MNM)