MANILA - The Philippines' Board of Investments (BOI) has reported a substantial increase in investment commitments for the first quarter of 2024, recording PHP607.22 billion in new projects from January to mid-April. This figure represents nearly 50% of the total investments logged throughout 2023.
According to Philippines News Agency, the early 2024 investments not only surpass the PHP527.24 billion documented in the same period last year by 15% but also account for 40% of the BOI’s PHP1.5 trillion target for the entire year. "These commitments from 117 projects, primarily sourced locally, underscore a robust start to 2024," Recolizado explained during a Friday press briefing.
Significantly, 81% of these pledges were made by Filipino investors, highlighting a strong domestic confidence in the nation’s economic prospects. Trade Secretary and BOI Chair Alfredo Pascual emphasized the importance of domestic investments. "Encouraging local capital allocation within the Philippines is crucial for our economic strategy, rather than seeing potential investments go overseas," he stated.
Among the major projects approved this year are two significant renewable energy initiatives. The largest is the PHP297-billion Pakil Pumped Storage Hydroelectric Power Plant by Ahunan Power, Inc., expected to generate 1,400 megawatts of clean energy in Laguna province. This project is entirely funded by Filipino interests.
The second major project is the Frontera Bay Wind Power Project in Cavite, developed by Ivisan Windkraft Corp. It is a joint venture between Singaporean and Filipino investors, planned to produce 450 megawatts of wind energy.