The Market Monitor Minding the Nation's Business
The Board of Investments (BOI) has reported a remarkable increase in project registrations from Chinese investors this year, despite ongoing maritime tensions between Manila and Beijing.
According to a recent announcement, the BOI approved projects totaling over P1 billion from Chinese sources between January and September 2024. This figure represents a staggering 237 percent increase compared to the same period last year.
Notably, the investment approvals during these first nine months have already surpassed the entire amount registered from Chinese investors in 2023, which stood at P619 million. As a result, China has emerged as the seventh-largest source of investment approvals in the Philippines this year.
In a bid to attract even more projects from China, the BOI dispatched a delegation to the East Asian nation last month to promote the Philippines as an attractive investment destination. The delegation participated in the China International Fair for Investment and Trade (CIFIT) held in Xiamen, where they engaged in fruitful discussions with potential investors.
“Throughout the six days of the Investment Promotion Roadshow, we generated significant interest from various sectors. We communicated our vision of transforming the Philippine economy into one that experiences sustained growth.
Events like CIFIT highlight the Philippines’ potential as a regional hub for smart and sustainable manufacturing and services, ultimately leading to the creation of green jobs for Filipinos, which remains our primary goal,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.
During the mission, the BOI engaged with 21 companies across diverse sectors, including renewable energy equipment manufacturing, electric vehicle production, and agribusiness.
Additionally, the delegation held two roundtable meetings in both Xiamen and Beijing. These discussions involved five companies outlining their investment and expansion strategies in the Philippines, focusing on sectors such as electric vehicle manufacturing, consumer goods, infrastructure, green metals, and mining activities.