The Board of Investments (BOI) is well on its way to achieving and potentially surpassing its investment approvals target for the year.
Trade Secretary and BOI chairman Alfredo Pascual said the agency is on track to hit its P1.5 trillion investments target.
Pascual’s optimism stems from a pipeline of investments secured from the Department of Trade and Industry’s investment mission, as well the President Bongbong Marcos’ successful international trips.
According to Pascual’s estimates, there are approximately $71 billion in potential investment opportunities that could be realized over the next five years as a result of these trips.
Investment commitments approved by the BOI have reached around P800 billion, and Pascual attributed this to the Philippines’ growing attractiveness as an investment destination.
Pascual earlier said that the growing number of investment approvals highlights the country’s potential for economic growth and development.
With foreign investment pledges on the rise, he believes that the Philippines is poised to become Asia’s premier investment destination.
