The Philippine Board of Investments (BOI) is on the verge of achieving its investment targets for the year, buoyed by the approval of P698 billion worth of investments, encompassing 155 projects, in the first half of 2023.

This figure represents 203% growth compared to the P230 billion worth of investments during the same period in the previous year.

Following a successful European investment roadshow, Department of Trade and Industry (DTI) Secretary Alfredo Pascual reiterated his commitment to positioning the Philippines as a premier investment destination in Asia.

“The Philippines is poised to become Asia’s premier investment destination. The signs are emerging. Foreign investment pledges are at a record high,” he said.

Out of the recorded investments in the first half of 2023, 60% were from foreign investments, totaling P423 billion, while domestic investments accounted for P275 billion.

The majority of foreign investments originated from Germany, amounting to P393 billion, followed by Singapore (P16.8 billion), the Netherlands (P3.57 billion), France (P2.04 billion), and the United States of America (USA) (P1.9 billion).

With such robust investment figures for the initial half of 2023, the BOI anticipates a continued influx of investors throughout the entire year.