Finance chief: Investment approvals up by 39% as of end-October

Detailed summary

Investment czar and Finance Secretary Frederick Go said the country’s top investment promotion agencies recorded higher investment approvals this ...

MANILA – Investment czar and Finance Secretary Frederick Go said the country’s top investment promotion agencies recorded higher investment approvals this year.

In a briefing at the DOF office in Manila on Thursday, Go said the Board of Investments (BOI), the Philippine Economic Zone Authority (PEZA) and the Bases Conversion and Development Authority (BCDA), approved a total of PHP1.40 trillion investments this year.

The amount was higher by 39 percent compared to the PHP1.01 trillion recorded last year.

Of the total, the BOI approved PHP942.86 billion, up by 22.34 percent from last year.

Investments approved by PEZA also rose by 76.56 percent to PHP309.63 billion.

The amount already exceeded its PHP300 investment target for this year.

Meanwhile, the BCDA approved a total of PHP145.46 billion, higher by 142.53 percent from last year.

“It is now proof that the country is reaping the rewards of all the reforms and programs that the administration of President Ferdinand R. Marcos, Jr. has put in place since 2022,” Go said.

“These approvals are real gains, because every investment brings an entire ecosystem of employers, workers, suppliers, and service providers,” he said.

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