APPROVED investment pledges hit P1.15 trillion as of end-July, the Board of Investments (BoI) said on Friday, surging by 65 percent from P699 billion a year earlier.
The agency, which is targeting P1.6 billion in approvals this year, said the trillion-peso mark was topped via renewable energy (RE) and agribusiness projects and investments from a US equity fund and a major food conglomerate, among others.
"With the momentum we have built, we are confident in achieving and exceeding this (the 2024) goal, driving economic development," Trade Undersecretary and BoI Managing Head Ceferino Rodolfo said in a statement.
Outgoing Trade Secretary and BoI Chairman Alfredo Pascual, meanwhile, said the investment approvals "underscore our unwavering commitment to fostering a robust and dynamic economic environment."
"As we continue to attract significant investments, we lay the groundwork for sustainable growth that will benefit all Filipinos. It has been an honor to contribute to this legacy of economic progress as I prepare to step down from my role."
Key projects said to have contributed to the first-half surge were a P185-billion solar project with integrated battery storage, a P1.2-billion manufacturing and processing facility for biscuits, P263 million in solar rooftop installations and a P245-million activated carbon and charcoal production facility.
With regard to the RE sector, the BoI said that it had particularly facilitated the P297-billion Pakil Pumped Storage Hydroelectric Power Project and the P114.7-billion Guimaras Strait Offshore Wind Power Project.
Policy changes such as the removal of nationality restrictions on RE-related investments spurred the growth in pledges, it added, also noting that RE projects were helping to reduce the high power consumption typically associated with manufacturing operations like cement production.
"This focus on sustainability, and efficiency is also attracting a wave of foreign investment," the BoI said.
Engagement by other promotion agencies was also said to have led to high-profile registrations by companies such as Optum (Cebu), Atento, Toyota Motor Philippines and the Macquarie Green Investment Group, and the BoI said that it had supported projects by Collins Aerospace, Dyson and Nitori Holdings Co.
Also cited were Hyundai Heavy Industries' shipbuilding project with the Subic Bay Metropolitan Authority, Endec's Hyperscaler Data Center, Taehiyo Cement's modernized Cebu facility and Federal Express' expansion in Clark, Pampanga.
"The growth narrative is equally fueled by domestic investments that advance job creation and food security," the BoI said, such as a P92-billion SteelAsia investment in steel mills, Mega Prime Foods' facility in Batangas and the Wawa Dam project that will supply over 710 million liters of water daily to Metro Manila and Rizal by 2025.
The Management Association of the Philippines (MAP), meanwhile, called on the government to expedite the actualization of the approved investments.
"We also urge the DTI (Department of Trade and Industry) and the BoI to actively pursue the vision of Sec[retary] Pascual for the development of innovation- and sustainability-driven industries in the Philippines," it said.
A trade and industry policy that promotes fair competition, reduces business cost and encourages productivity-enhancing innovation will benefit FIlipinos by providing wider access to high-quality goods and services at stable prices, the MAP added.
The DTI said that under its Angat Negosyo vision, it was leading efforts to enhance the ease of doing business by streamlining and digitalizing institutional and regulatory requirements.
Along with this, the Asenso Trabaho program aims to create an attractive investment climate, promote trade agreements, and facilitate partnerships between domestic and foreign businesses.