Investments from the Association of Southeast Asian Nations (ASEAN) remain strong, reaching PHP252 billion since 2020, the Board of Investments (BOI) reported Tuesday.
Bulk of the investments came from Singapore at PHP246 billion; followed by Thailand, PHP4.34 billion; Malaysia, PHP1.7 billion; and Indonesia, PHP12.27 million.
BOI, the investment promotion and industry development agency of the Department of Trade and Industry (DTI), said most of these investments were paced in information and communication at PHP169.59 billion; power sector, including renewable energy, PHP74.20 billion; manufacturing, PHP5.58 billion; administrative and support services, PHP1.41 billion; and agriculture, forestry, and fishing, PHP930 million.
“Collectively, these projects are projected to generate 15,358 new jobs for Filipinos from 2020 up to July 2025,” it said in a statement.
“The BOI-approved projects from ASEAN investors, particularly those in the Information and Communication and the Renewable Energy sectors, align with the Philippines’ push for smart and sustainable manufacturing and services,” BOI Executive Director Evariste Cagatan said.
DTI Secretary and BOI Chair Cristina Roque said they are committed to the government’s resolve to strengthen the development of micro, small and medium enterprises (MSMEs) and deepen investment relationships with ASEAN member countries.
“As we build stronger trade and investment ties with our ASEAN neighbors, these numbers reflect the growing confidence of foreign investors in the Philippines as a place for business growth. We will keep working to create a stable and welcoming business environment, one that brings in more investments and opens up real opportunities for Filipinos,” she said. (PNA)
