BUILDINGS at the Makati central business district are seen in this file photo. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE BOARD of Investments (BoI) approved an estimated P729 billion worth of new investments this year, as investor confidence in the Philippines improved despite global uncertainties.

Figures provided by the BoI on Wednesday showed that this year’s investments are 11% higher than the P655.4 billion approved investments in 2021.

“The 2022 BoI approval levels clearly indicate that despite the lingering effects of the COVID-19 pandemic especially in the first half of the year, coupled with global decline in investments due to the Russia-Ukraine War, investors continue to have strong confidence in the Philippine economy,” Trade Secretary Alfredo E. Pascual said in a statement.

Trade Undersecretary Ceferino S. Rodolfo said that the BoI is aiming to generate P1 trillion worth of investments for 2023.

“Moving forward, as directed by Mr. Pascual, we are targeting P1-trillion investments for 2023. We have a healthy pipeline of strong leads, including those generated and further confirmed through investment missions by the Secretary and through the presidential visits by President Ferdinand R. Marcos, Jr,” Mr. Rodolfo said.

The BoI said the approved investments are projected to generate 260,000 jobs. The investments were poured into the power and information and communication sectors.

Top sources of investments are Singapore (57%), Japan (22%), the United Kingdom (7%), the United States (3%), Virgin Islands (2%), and South Korea (2%).

On Tuesday, the Philippine Economic Zone Authority (PEZA) said it approved 198 projects that are expected to generate P140.7 billion this year, 103% higher than the P69.3 billion in 2021. The agency surpassed its 6.7% growth target for 2022. — Arjay L. Balinbin