Investment pledges approved by the Board of Investments surged 155 percent in the first quarter to P463.3 billion from P181.7 billion in the same period last year.
“With investment prospects being very positive, and as we continue to receive serious interest from global investors, we are definitely on track to meeting our new annual investment target of P1.5 trillion,” Trade Secretary and BOI chairman Alfredo Pascual said Friday.
Pascual said the economy continued to perform strongly, with the gross domestic product expected to grow by 7.1 percent in the first quarter, based on latest data on employment and government spending, making the Philippines one of the fastest-growing economies in Asia-Pacific.
“The steady growth is proof of the government’s resolve to further improve the country’s business environment through investment-friendly policies. We shall continue with our aggressive investment promotion campaigns as investments are also set to provide higher quality and better-paying jobs for Filipinos,” he said.
Data released by the BOI showed that foreign investment approvals accelerated to P165.4 billion, up by 3,722 percent from P4.33 billion a year ago. These accounted for nearly 36 percent of the total.
Domestic investment approvals amounted to P297.9 billion, representing a 68-percent rise from P177.3 billion a year earlier.
The bulk of foreign investments came from Germany with P157 billion, followed by the Netherlands with P2.7 billion, the US with P1.2 billion, Japan with P524 million and P293 million from the United Kingdom.
Investments in Western Visayas took the top spot with P293.3 billion, followed by CALABARZON with P112.7 billion. Ilocos Region accounted for P38.7 billion; Davao Region, P3.6 billion; and Eastern Visayas, P3.6 billion.
The renewable energy sector remained dominant with P440 billion in approvals in the first three months, or 156 percent higher than P172 billion in the same period last year.
Manufacturing is also on the upswing, receiving P17 billion in investment commitments, up by 416 percent from P3.3 billion.
Administrative services logged in P3.7 billion; transportation and storage investments, P1.2 billion; and agriculture,P929 million.
The biggest project is German-owned wpd Philippines Inc.’s P392.4-billion offshore wind farms in Cavite, Negros Occidental and Guimaras which will provide greener power solutions to local communities and businesses.
Filipino-owned 3 Barracuda Energy Corp. is also investing in a P36.9-billion solar project in the Ilocos region.
“The number of RE projects coming in is concrete evidence that we are on our way to becoming a global hub for sustainability and green projects, aligned with the national government’s policy of promoting cleaner and more sustainable sources of energy. We aim to attract more RE players globally as full foreign ownership is now allowed under the amended implementing rules and regulations of the Renewable Energy Act,” Pascual said.