BOI approves PHP1.15T in investments, up 65% YOY

The Board of Investments (BOI) approved PHP1.15 trillion worth of investments from January to July 2024, marking a 65 percent increase compared to the same period in 2023.

In July alone, BOI greenlit P202.97 billion worth of investment, recording more than double the value of projects approved a year ago and expected to create nearly 9,000 new jobs.

These approvals include significant renewable energy initiatives such as Terra Solar's PHP185-billion solar project with battery storage and the P263-million rooftop solar projects, alongside manufacturing facilities for biscuits and activated carbon production.

BOI aims to exceed its target of PHP1.6 trillion in approved investments for the year, driven by a surge in renewable energy and sustainability-focused projects that align with President Marcos Jr.'s vision for sustainable development.

Department of Trade and Industry Undersecretary Ceferino Rodolfo emphasized the agency's commitment to continuing Secretary Alfredo Pascual’s push for economic development and industrialization, highlighting the importance of easing foreign ownership restrictions on renewable energy projects.