THE Board of Investments (BoI) approved P398.94 billion worth of investment pledges in the first seven months, equivalent to about 22% of its target for the year.
According to a Department of Trade and Industry (DTI) handout obtained by BusinessWorld, some 74.78% of the approvals are in the electricity and gas supply sector, valued at P298.33 billion.
Meanwhile, 8.21% were in the transportation and storage sector and 6.96% involved manufacturing projects.
Filipino investors accounted for P329.563 billion of the total pledges, with P69.38 billion sourced from foreigners.
Singapore was the top foreign source during the period, accounting for P57.41 billion.
The other top sources were the US and Spain, which accounted for P3.76 billion and P1.38 billion in investment pledges, respectively.
About P104.68 billion of the investments will go to the Bicol Region, while the other top destinations were the Calabarzon and Ilocos Regions.
For this year, the BoI has set an investment approvals target of P1.75 trillion, an 8% rise from the P1.62 trillion worth of approvals in 2024.
The BoI has so far endorsed 212 projects for green lane treatment valued at P5.915 trillion as of Aug. 15.
The list includes 164 projects in renewable energy worth P5.06 trillion and 34 digital infrastructure and public-private partnership projects worth P434.51 billion.
Six projects concerned food security valued at P66.96 billion and eight manufacturing, worth P352.13 billion.
In February 2023, the government established Executive Order No. 18, creating the “green lane” system at all government offices to expediting approvals and permits for strategic investments.
Meanwhile, Trade Secretary Ma. Cristina A. Roque said tariff negotiations with the US are still ongoing.
“There are always developments. So, we are just waiting for the final rates,” she said on the sidelines of the DTI budget hearing on Wednesday, referring to the proposed additional tariffs on countries that impose digital taxes.
“Of course, our negotiators are still continuing up to this day,” she added. — Justine Irish D. Tabile
