BOI Investment Approvals Surge 65% to P1.15 Trillion in Jan-July

The Board of Investments (BOI) approved PHP1.15 trillion in investments from January to July, a 65% increase from the PHP699 billion in the same period last year, according to a PNA article.

These investments are expected to create 27,207 jobs when fully operational.

In July, two major projects were approved: a PHP185 billion solar project with battery energy storage by Terra Solar and a PHP1.2-billion biscuit manufacturing and processing facility by Monde Nissin.

Additionally, the BOI approved two solar rooftop projects worth PHP263 million and a PHP245-million activated carbon and charcoal production facility.

The BOI aims to surpass PHP1.6 trillion in approved investments this year and is confident in achieving this goal.

Renewable energy projects have significantly contributed to the investment surge, with notable approvals including the PHP297 billion Pakil Pumped Storage Hydroelectric Power Project and the PHP114.7 billion Guimaras Strait Offshore Wind Power Projects.

These approvals were facilitated by revised rules removing nationality restrictions on renewable energy investments.

The Marcos Jr. administration’s easing of foreign ownership restrictions for renewable energy projects has driven this trend.

A Department of Justice opinion in 2022 clarified that renewable energy projects should not be subject to the 40% foreign equity limitation.

Former DTI Secretary Alfredo Pascual was instrumental in this policy change.

These investment approvals underscore the commitment to fostering a robust economic environment and laying the groundwork for sustainable growth to benefit all Filipinos.

Pascual’s resignation is effective August 2. (ASC)