Trade Secretary Alfredo Pascual (File photo)
MANILA – Trade Secretary Alfredo Pascual said Saturday the Board of Investments (BOI) has investment leads of PHP344 billion, which would allow the agency to hit its target before the year ends.
“So far, the agency has potential investment leads of around PHP344 billion that will still be processed, and more likely than never, we may have 80 to 90 percent of the target even before the middle of the year,” Pascual, who also chairs the BOI, said in a statement.
The Department of Trade and Industry (DTI) is targeting to return to the PHP1 trillion level in investment approvals in 2023.
From January to Feb. 9 alone, the BOI approved PHP414.3 billion worth of projects, which is 142.9 percent higher than the PHP170.5 billion investment approvals in the same period last year.
Pascual added that some of these investment leads are offshoots of the foreign trips of President Ferdinand R. Marcos Jr.
“The increase in investments proves that the government’s promotional visit abroad, led by no less than the President himself, are working as a growing number of investors from around the globe – from Southeast Asia, the US, Belgium, China, and most recently Japan – have shown strong interest in putting in more investments into the country,” he said.
The trade chief noted that approved investments in less than two months of 2023 surged to PHP163 billion, from PHP249 million in the same period in 2022.
“BOI-approved foreign capital for barely the first months of 2023 has already reached 56 percent of the total figure for all IPAs (investment promotion agencies) last year. So, this year looks very promising with heightened prospects and through our collective efforts, we are on course to surpass the 2022 figure way ahead of time,” Pascual said. (PNA)
