Thursday, July 18, 2024
HomeBusinessRecord-Breaking Php1.16 Trillion Investment Approval in 2023 Boosts Philippine Economy

Record-Breaking Php1.16 Trillion Investment Approval in 2023 Boosts Philippine Economy

President Ferdinand R. Marcos Jr.’s proactive approach to promoting investments in the Philippines, both domestically and internationally, has yielded an unprecedented Php1.16 trillion in investment approvals for 2023, marking the highest figure in the past five decades, as reported by the Board of Investments (BOI) on Wednesday.

  1. Historic Investment Approval: The investment promotion efforts under the ‘Make It Happen in the Philippines campaign’ led to a historic investment approval of Php1.16 trillion in 2023, showcasing the effectiveness of President Ferdinand R. Marcos Jr.’s administration.
  2. Strong Investor Confidence: The achievement reaffirms the strong confidence investors have in the Philippine government’s policies and the responsiveness to the initiatives of President Ferdinand R. Marcos Jr.
  3. Optimistic Economic Outlook: The Department of Trade and Industry (DTI) Secretary and BOI Chairman, Alfredo Pascual, expressed optimism about the economic opportunities in 2024, anticipating further expansion fueled by the record-breaking investment approvals.
  4. Domestic and Foreign Contributions: Domestic investment approvals accounted for Php398.76 billion, constituting 34 percent of the total, while foreign investment approvals increased by an impressive 452 percent, reaching Php763.22 billion in 2023.
  5. Diverse Sectoral Impact: The approved investments are expected to generate over 47,000 local employment opportunities, with significant impacts on key sectors such as renewable energy and power, Information and Communication, real estate, manufacturing, and infrastructure.
  6. Leading Foreign Investors: Germany emerged as the top source of foreign investment with Php393.28 billion, followed by the Netherlands (Php333.61 billion), Singapore (Php17.38 billion), and the United States (Php3.38 billion).
  7. Regional Distribution: Western Visayas received the highest investment at Php316.89 billion, followed by CALABARZON at Php211.89 billion, with Bicol Region, Eastern Visayas, and Ilocos Region completing the top five regions in terms of investment.

Moreover, the Renewable Energy and Power industry dominated the investment scene, experiencing a remarkable 137 percent growth, totaling Php968.14 billion. The Information and Communication industry saw rapid growth with approvals reaching Php96.16 billion. Manufacturing, infrastructure (Toll Roads), and Real Estate Activities, particularly mass housing, also contributed substantially to the overall investment landscape.

Additionally, three projects worth approximately Php350 billion are currently under assessment, with potential inclusion in BOI Board and Mancom deliberations on December 28, provided they meet substantive and transparency requirements, according to DTI Undersecretary and BOI Managing Head Ceferino Rodolfo.



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments