BoI investment pledges decline by 48%

THE BOARD of Investments (BoI) has approved P816.81 billion worth of investment pledges as of November, dropping by 48.3% from the P1.58 trillion in pledges approved in the same period a year ago.

- By Justine Irish D. Tabile Reporter

At the same time, the value of green lane-certified projects breached the P6-trillion mark, it added.

In a statement, the BoI said it greenlit 261 projects, which are expected to create 32,864 jobs, in the first 11 months.

These investment pledges are mainly in the sectors of energy and electricity (P479.78 billion), airports and seaports (P195.69 billion), manufacturing (P58.99 billion), mass housing (P37.55 billion), and information and communication (P21.27 billion).

“These figures reflect the strong inflow of high-value investments that strengthen our economy. But we will not slow down,” said Trade Secretary and BoI Chair Ma. Cristina A. Roque in a statement on Monday.

“The P816.81 billion in approved investments to date sends a clear signal to local and foreign investors: the Philippines is an ideal, competitive, and future-ready business destination,” she added.

The top country sources of investments were Singapore (P74.78 billion), Thailand (P7.75 billion), and the US (P5.38 billion).

However, the approvals for the first 11 months are far below the P1.75-trillion target set by the BoI this year.