The Board of Investments (BOI) approved investments reached P1.15 trillion from January to July this year, representing a 65% increase from the P699 billion recorded in the same period last year.
The BOI said in a statement that the investment pledges would create 27,207 jobs once the registered projects are fully operational.
"Our target is clear: to hit and even surpass PHP1.6 trillion in approved investments this year. With the momentum we have built, we are confident in achieving and exceeding this goal, driving economic development," Department of Trade and Industry (DTI) undersecretary and BOI managing head Ceferino Rodolfo said.
Two big-ticket projects were approved in July: Terra Solar's P185-billion solar project with battery energy storage and Monde Nissin's P1.2-billion biscuit manufacturing and processing facility.
Also approved by the investment promotion agency (IPA) last month were the two solar rooftop projects worth P263 million and a P245-million activated carbon and charcoal production facility.
"This legacy of attracting strategic investments is a testament to Secretary (Alfredo) Pascual's push for economic development. We at the BOI are committed to continuing Secretary Pascual's vision for industrialization and the development of innovation—and sustainability-driven industries here in the Philippines," he added.
The BOI said renewable energy (RE) projects have fueled the registration with the IPA in the first seven months of the year.
"Aligned with the Marcos Jr. administration's vision for a sustainable Bagong Pilipinas, the BOI saw significant approvals in the renewable sector. These include the P297-billion Pakil Pumped Storage Hydroelectric Power Project and the PHP114.7-billion Guimaras Strait Offshore Wind Power Projects. This milestone was facilitated by revised rules removing nationality restrictions on renewable energy investments," the BOI said in a statement.
This has been the trend at the IPA since the Marcos administration eased foreign ownership for RE projects following the release of a Department of Justice (DOJ) opinion that RE projects, including solar, wind, hydro, and ocean or tidal energy, should not be subject to the 40% foreign equity limitation.
DTI said its former Secretary Alfredo Pascual has been instrumental in this opinion on foreign ownership of RE projects.
"These 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," Pascual said.
"It has been an honor to contribute to this legacy of economic progress as I prepare to step down from my role," he added.
Pascual's resignation took effect on Friday (August 2).
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