C. Luzon leads BOI-approved investments to P47-B as of February

Central Luzon led investments approved by the Board of Investments (BOI) as of end-February, totaling PHP21.5 billion out of PHP47 billion.

One major initiative is the PHP16.4-billion solar power project of Cleanergy 2 Power Inc., according to BOI data released Monday.

Central Visayas followed with PHP8.2 billion, ahead of the National Capital Region with PHP4.5 billion, Ilocos Region with PHP3.7 billion, and Mimaropa with PHP2.9 billion.

BOI Investments Promotion Services Executive Director Evariste Cagatan cited the role of these investments in regional economic development.

“The increase in BOI-approved projects reflects strong investor confidence in the country’s evolving investment environment, driven by CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy law) and our efforts to build a greener and more competitive economy. These investments will help spur regional growth and create more jobs for Filipinos,” she said.

The CREATE MORE Act, signed on Nov. 8, 2024 and effective Nov. 28 of the same year, enhances the country’s tax regime to attract more investments, improve competitiveness, and create jobs.

The BOI approved 35 projects in the first two months of the year, up from eight in the same period last year.

Foreign investments surged by whopping 933.33 percent to PHP3.1 billion from PHP300 million a year earlier. Singapore led with PHP1.8 billion, accounting for 55.2 percent.

It was followed by China with 16.9 percent, Australia with 6.3 percent, the United States with 5 percent, and other countries with smaller shares.

Trade Secretary and BOI Chairman Cristina Roque said the growth reflects strong business confidence in the domestic economy.

“The strong increase in BOI-approved projects reflects growing investor confidence in the Philippines and the continued inflow of high-value investments that support our economic priorities. Notably, the significant investments in renewable energy will play a crucial role in strengthening our energy security amid current challenges, while accelerating the country’s transition to a more sustainable and resilient energy future,” she said. (Joann Santiago-Villanueva/PNA)