BUSINESS
Advocates Philippines
BOI Investments Approvals Soar By 203%, Reaching P698 Billion In The 1st Half Of 2023
Photo credit: DTI
The Philippine Board of Investments (BOI) has achieved remarkable growth in investments approvals, with a staggering 203 percent increase compared to the same period last year. In the first half of 2023, the BOI greenlit a total of 155 projects worth P698 billion, surpassing last year's P230 billion.
This surge in investments is a testament to the Philippines' growing appeal as a prime investment destination, according to Department of Trade and Industry (DTI) Secretary Fred Pascual. Fresh from his return from the European Investment Roadshow, Secretary Pascual expressed his commitment to positioning the Philippines as the top choice for investors in the region.
"The Philippines is poised to become Asia's premier investment destination. The signs are emerging. Foreign investment pledges are at a record high," Secretary Pascual stated confidently. Notably, foreign investment approvals accounted for 60 percent of the total approvals, reaching an impressive Php423 billion. This figure represents a remarkable 52-fold increase from just P7.89 billion in the first half of 2022. Domestic investments also experienced a significant boost, rising by 24 percent to Php275 billion from last year's P222 billion.
The government's substantial efforts to enhance the ease of doing business in the country have played a pivotal role in attracting foreign direct investments. These measures, combined with the Philippines' inherent strengths and advantages, make it an increasingly compelling destination for global investors.
To further expedite and streamline the approval and registration processes for priority or strategic investments, President Ferdinand R. Marcos, Jr., and DTI Secretary Fred Pascual launched Executive Order No. 18 (E.O.18) Constituting Green Lanes for Strategic Investments. The order, unveiled during a BOI-hosted event on July 13, 2023, in Pasay City, aims to automate and simplify government procedures.
Looking ahead, the BOI remains focused on targeting investment projects that will strengthen the country's position as a regional hub for sustainability, connectivity, and innovation-driven manufacturing and services. With the goal of achieving PhP1.5 trillion in investment approvals in 2023, the BOI is determined to contribute to the country's economic growth and development.
This surge in investments is a testament to the Philippines' growing appeal as a prime investment destination, according to Department of Trade and Industry (DTI) Secretary Fred Pascual. Fresh from his return from the European Investment Roadshow, Secretary Pascual expressed his commitment to positioning the Philippines as the top choice for investors in the region.
"The Philippines is poised to become Asia's premier investment destination. The signs are emerging. Foreign investment pledges are at a record high," Secretary Pascual stated confidently. Notably, foreign investment approvals accounted for 60 percent of the total approvals, reaching an impressive Php423 billion. This figure represents a remarkable 52-fold increase from just P7.89 billion in the first half of 2022. Domestic investments also experienced a significant boost, rising by 24 percent to Php275 billion from last year's P222 billion.
The government's substantial efforts to enhance the ease of doing business in the country have played a pivotal role in attracting foreign direct investments. These measures, combined with the Philippines' inherent strengths and advantages, make it an increasingly compelling destination for global investors.
To further expedite and streamline the approval and registration processes for priority or strategic investments, President Ferdinand R. Marcos, Jr., and DTI Secretary Fred Pascual launched Executive Order No. 18 (E.O.18) Constituting Green Lanes for Strategic Investments. The order, unveiled during a BOI-hosted event on July 13, 2023, in Pasay City, aims to automate and simplify government procedures.
Looking ahead, the BOI remains focused on targeting investment projects that will strengthen the country's position as a regional hub for sustainability, connectivity, and innovation-driven manufacturing and services. With the goal of achieving PhP1.5 trillion in investment approvals in 2023, the BOI is determined to contribute to the country's economic growth and development.
Jul 18, 2023
