The Board of Investments said Tuesday it is moving closer to reaching its target for 2023 as it approved P698 billion worth of investments composed of 155 projects in the first half of 2023.
This represented a 203-percent growth from P230 billion it registered in the same period last year.
Department of Trade and Industry Secretary Alredo Pascual, returning from the European Investment Roadshow, reaffirmed his commitment to positioning the Philippines as the top investment destination of choice in the region.
“The Philippines is poised to become Asia’s premier investment destination. The signs are emerging. Foreign investment pledges are at a record high,” he said.
Foreign investments approvals accounted for 60 percent of the total, or equivalent to P423 billion, a 52-fold increase from P7.89 Billion in the first half of 2022.
Domestic investment nods, at P275 billion, also rose 24 percent from P222 billion last year.
The bulk of foreign capital came from Germany at P393 billion, followed by Singapore with P16.8 billion, the Netherlands with P3.57 billion, France with P2.04 billion and the United States with P1.9 billion.
