Philippines' approved investment projects up 73 per cent in 2023

MANILA (Xinhua): The approved investment projects in 2023 amounted to 1.26 trillion pesos (US$22.5 billion) in 2023, 73 per cent higher than in 2022, Philippine Department of Finance (DOF) said on Sunday.

Citing an updated report of Board of Investments (BOI), the DOF said in a press release that the approved investments comprised 311 projects, mainly on renewable energy, telecommunication infrastructure, and the export of copper, gold, and other metals.

These projects would produce over 49,000 jobs if fully operational.

The renewable energy and power sector emerged as the top-performing sector with 987.12 billion pesos (17.7 billion dollars), a 141 percent surge from 2022, the BOI added.

The information and communication sector came second, securing a total of 96.04 billion pesos (1.7 billion dollars), followed by mining, manufacturing, and infrastructure.

Foreign investment approvals saw a 455 percent spike with 766.97 billion pesos (13.7 billion dollars) compared to 2022, with Germany as the top source of foreign investments, followed by the Netherlands, Singapore, and the United States.

The surge in approved investments in 2023, particularly in foreign investments, aligns with BOI's strategic efforts to bring in more economic activities in the South-East Asian country as part of the investment promotion initiatives, Philippine Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said. - Xinhua