The Board of Investments (BOI) reported over the weekend sustained inflows of foreign capital this year as the country gets the attention of more renewable energy (RE) investors.
Data from the BOI showed that investment pledges as of April 17 reached P607.22 billion, up by 15 percent form P527.24 billion registered in the same period in 2023.
BOI director Sandy Recolizado said domestic investments dominated the total during the period.
The BOI said that its board approved during the recent management committee meeting 17 projects, many of which are RE projects.
The biggest investment approved during the period was the P296.98-billion pumped power hydroelectric power project of Ahunan Power Inc. in Pakil, Laguna.
The project is estimated to have the capacity to produce 1,400 megawatts (MW) of hydroelectric power. Ahunan Power is a 100-percent Filipino-owned developer of hydropower resources.
The next biggest item is the P83.7-billion wind power project of Ivisan WindKraft Corp. off the coast of Cavite.
The Singaporean-led company has 25-percent domestic equity. The project is designed for a 450-MW capacity
The BOI board has yet to assess the merits of other projects.
Trade Secretary and BOI chairman Alfredo Pascual said the government should encourage more investments from domestic companies.
“We should not underestimate our domestic investors. I think that it’s good that they decided to place their money here, rather than bring it out to other countries,” Pascual said.
The DTI expressed optimism it would hit, if not surpass the investment target of P1.5 trillion for 2024.