COURTESY: Board of Investments (BOI)
When I heard about the Board of Investments (BOI) in the Philippines hitting a milestone of PHP 1.15 trillion in approved investments by the end of July 2024, my heart swelled with pride. As a Filipino, witnessing our nation’s economic growth is both exhilarating and promising. I want to share with you the remarkable journey that has led to this significant achievement and how it resonates with our collective dreams for a prosperous future.
Under the dynamic leadership of DTI Secretary and BOI Chairman Fred Pascual, the BOI has undergone a transformative journey. Secretary Pascual's unwavering commitment to fostering a robust economic environment has been nothing short of inspiring. His tenure has seen a 65% increase in approved investments compared to the same period last year, a testament to his strategic vision and dedication.
Reflecting on this milestone, Secretary Pascual’s words resonate deeply: “These investment approvals underscore our unwavering commitment to fostering a robust and dynamic economic environment.” His forward-thinking approach has laid the groundwork for sustainable growth, ensuring that the benefits of these investments reach every Filipino. As he prepares to step down, his legacy of economic progress serves as a beacon of hope for future leaders.
One of the most exciting aspects of this investment surge is the focus on renewable energy. The BOI has approved major projects such as a PHP 185 billion solar project with battery energy storage and the PHP 297 billion Pakil Pumped Storage Hydroelectric Power Project. These projects are not just investments in infrastructure; they are investments in our planet and our future.
The removal of nationality restrictions on renewable energy investments has opened the doors to foreign investors, further accelerating our green revolution. The Guimaras Strait Offshore Wind Power Projects, valued at PHP 114.7 billion, are a prime example. These projects are transforming our energy landscape, reducing our reliance on fossil fuels, and paving the way for a sustainable Bagong Pilipinas.
While foreign investments are crucial, the role of domestic investments cannot be understated. Companies like SteelAsia and Mega Prime Foods are making significant contributions to job creation and food security. SteelAsia’s PHP 92 billion investment in steel mills is set to revolutionize our construction industry, while Mega Prime Foods’ facility in Batangas will boost our food production capabilities.
The Wawa Dam project, another notable domestic investment, will supply over 710 million liters of water daily to Metro Manila and Rizal by 2025. This project is a lifeline for millions, ensuring a stable water supply for our growing population. These domestic investments are building a strong foundation for our nation’s future, demonstrating the power of local enterprises in driving economic growth.
As BOI Managing Head Ceferino Rodolfo emphasized, the goal is to surpass PHP 1.6 trillion in approved investments this year. This ambitious target is not just a number; it represents the collective aspirations of a nation striving for excellence. The proactive engagement of various investment promotion agencies has been instrumental in attracting high-profile projects from global giants like Toyota Motor Philippines and FedEx.
Under the ANGAT Negosyo vision, efforts to streamline and digitalize business processes are enhancing the ease of doing business. These measures are crucial in creating an attractive investment climate, promoting trade agreements, and facilitating partnerships between domestic and foreign businesses. The ASENSO Trabaho thrust, focusing on job creation and economic development, further complements these efforts.
In conclusion, the BOI’s achievement of PHP 1.15 trillion in approved investments is a testament to the power of visionary leadership, strategic planning, and collaborative efforts. As we continue this journey, let us embrace innovation, sustainability, and inclusivity. Together, we can build a prosperous Philippines, where every investment translates into opportunities for growth and progress for all Filipinos.
