Approved Investment Pledges Surge to P1.16T in Jan-July — BOI

The Board of Investments (BOI) has announced that investment commitments have surpassed a trillion pesos in the first seven months of 2024. From January to July, the BOI secured P1.15 trillion worth of investment pledges, marking a 65% increase from P699 billion in the same period last year.

The BOI achieved this milestone through significant investments in renewable energy and agribusiness. Key projects contributing to this surge include a P185-billion solar project with battery energy storage, a P1.2-billion manufacturing and processing facility for biscuits, P263 million-worth of solar rooftop projects, and a P245-million activated carbon and charcoal production facility. Additionally, the BOI approved the P297-billion Pakil Pumped Storage Hydroelectric Power Project and the P114.7-billion Guimaras Strait Offshore Wind Power Projects.

BOI managing head and Undersecretary for Industry Development and Trade Promotion Group Ceferino Rodolfo emphasized the agency’s ambitious target: “Our target is clear: to hit and even surpass P1.6 trillion in approved investments this year. With the momentum we have built, we are confident in achieving and exceeding this goal, driving economic development.”

Rodolfo credited former Trade Secretary and BOI chairman Alfredo Pascual for the agency’s achievements, stating, “This legacy of attracting strategic investments is a testament to Secretary Pascual’s push for economic development. We, at the BOI, are committed to continuing the vision of Secretary Pascual for industrialization and the development of innovation- and sustainability-driven industries here in the Philippines.”

The BOI attributed the success to revised rules that removed nationality restrictions on renewable energy investments. This policy change, coupled with the focus on sustainability and efficiency, has drawn significant foreign investment. Renewable energy projects are particularly noteworthy for reducing the high power consumption typically associated with manufacturing operations like cement production.

High-profile projects registered by companies such as Optum (Cebu), Atento, Toyota Motor Philippines, and Macquarie Green Investment Group have also contributed to this growth. The BOI has supported initiatives by Collins Aerospace, Dyson, and Nitori Holdings Co., and has highlighted major developments including Hyundai Heavy Industries’ shipbuilding project with the Subic Bay Metropolitan Authority, Endec’s Hyperscaler Data Center, and Taehiyo Cement’s modernized Cebu facility. FedEx’s expansion at Clark, Pampanga, aims to transform the area into a premier logistics hub.

Domestic investments have also played a crucial role in job creation and food security. Notable domestic projects include SteelAsia’s P92-billion investment in steel mills and Mega Prime Foods’ facility in Batangas. The Wawa Dam project, expected to supply over 710 million liters of water daily to Metro Manila and Rizal by 2025, further underscores the importance of these investments.