Board of Investments Confident Of Achieving Target Approvals For 2024

The Board of Investments remains confident that it will achieve its target approvals of PHP1.3 trillion to PHP1.5 trillion this year despite the global economic headwinds, according to Department of Trade and Industry (DTI) Undersecretary and BOI Managing Head Ceferino Rodolfo.

The Calabanga Solar Power Project began construction in June 2023, while the San Miguel Bay Wind Power Project construction will start in the first quarter of 2026, with commercial operation targeted by 2028. I Photo: Nexif Energy

Rodolfo emphasized that the official foreign visits of President Ferdinand R. Marcos Jr. and the follow-through trips of DTI officials led by Secretary Alfredo Pascual are crucial for the BOI to hit this year’s target.

“We gain new investment leads from the Secretary’s visits and we also listen to the challenges that investors are facing,” Rodolfo said.

The DTI has stated that there are 231 investment leads amounting to USD76.6 billion (PHP4.5 trillion) as of June 2024. Of this total, USD17 billion (PHP998 billion) worth of investment leads are currently processing their registration with the BOI or the Philippine Economic Zone Authority, the DTI has noted.

Rodolfo shared that from January to May 2024 alone, the BOI registered 14% higher approvals amounting to PHP640.22 billion compared to PHP562.9 billion in the same period in 2023, stressing that this is the highest first five months approval of BOI in the agency's history.

He underscored that easing the requirements and procedures for doing business in the country would also help the BOI achieve the target investment approvals.

Rodolfo said that as of June 20, BOI’s One-Stop Action Center for Strategic Investments (OSAC-SI) has already granted green lane certificates of endorsement to 74 projects with capital amounting to PHP2.32 trillion.

He pointed out that one of the recent green lane issuances by the BOI was for the PHP3.7-billion Calabanga Solar Power Project in Camarines Sur, with a production capacity of 51.55 megawatts of clean energy, and to be operated by Calabanga Renewable Energy (CARE), Inc.

The BOI also endorsed for green lane treatment the PHP60 billion San Miguel Bay Wind Power Project of ACX3 Capital Holdings, Inc. This offshore wind project will be able to produce 500 megawatts of renewable energy, he explained.

Rodolfo further said that the Calabanga Solar Power Project began construction in June 2023, while the San Miguel Bay Wind Power Project construction will start in the first quarter of 2026, with commercial operation targeted by 2028.