MANILA - The Board of Investments has already approved close to P500 billion worth of investments in the first quarter of 2023, meaning the agency is on track to hit its target for the year, said Trade Secretary Alfredo Pascual.
Pascual said the Q1 figure was 155 percent higher compared to the same period in 2022.
"BOI foreign investment approvals also accelerated to PHP 165.4 billion during the same period, marking a close to 4,000 percent increase," Pascual said during an investment forum organized by the Management Association of the Philippines.
Because of this, the Trade chief said he is confident the BOI will hit its P1.5 trillion investment target for the year, which is double last year's approved investments.
The initial investment target for the year was P1 trillion, but because of optimism, DTI raised it to P1.5 trillion in February, in spite of global headwinds such as the global economic slowdown and high inflation.
One key factor for the optimism is the Regional Comprehensive Economic Partnership (RCEP) which was recently ratified by the Senate.
"RCEP will prove advantageous for the garments industry in the Philippines
allowing them to source fabric and textiles from 14 other countries, including China, and export their products to a more extensive market," Pascual said.
Expected investments are broad-based and cover various sectors, but among the biggest are in renewable energy, manufacturing, and information and communications, Pascual said.
The government is hoping to attract more investment into the country following the amendments to the country's investment laws, which liberalize foreign ownership in several industries.
The Philippines has traditionally been a laggard when it comes to attracting foreign capital compared to its neighbors in the region.