The Philippine Board of Investments (BoI) said it is positioned to surpass its P1-trillion investment approvals target for 2026, citing a strong project pipeline built up during the year. The approvals tally reflects projects registered with the agency for incentives rather than funds already invested, making it a forward-looking gauge of the investment pipeline.

"The expectation is that we will hit the P1-trillion target, and we are working to exceed it," Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo told reporters on Tuesday on the sidelines of the Fourth ASEAN Investment Forum.

In the first nine months of the year, BoI investment approvals reached P900.06 billion, equivalent to just over 90% of the agency's full-year goal — leaving roughly P100 billion in approvals to be secured over the final quarter.

2027 Target Seen Higher

Following this year's strong performance, the BoI could raise its approvals target for 2027. "I believe it will be increased," Francis M. Peñaflor, acting director at the BoI's Resource-Based Industries Service, told BusinessWorld.

"We still have many more projects in the pipeline," he said, noting that prospective investments not approved this year will likely spill over into next year's tally. The BoI will review its 2027 approvals target during planning sessions this month.

Manufacturing to Capture Larger Share

Renewable energy continues to make up the bulk of approved investments, but manufacturing is expected to take a larger share this year, according to Mr. Peñaflor.

"Renewable energy will still have a big chunk, but compared with previous years, I think we will have a bigger share for manufacturing," he said, noting that major manufacturing projects in industries such as steel were registered this year.

Investment Momentum Despite Slow Growth

The BoI also remains confident that the Philippines will keep attracting investment despite the weak economic growth posted in the third quarter, Mr. Rodolfo said.

"The investments that we are promoting are the transformative types, at least for registration. (Investors) are not looking at the short-term, quarterly GDP (gross domestic product), but more of the long-term," he noted.

The Philippine economy grew 2.1% in the third quarter, its weakest reading since the 1.8% expansion recorded in the fourth quarter of 2009, excluding the contractions during the pandemic years.

New Executive Orders Seen Supporting Investment

Mr. Rodolfo said executive orders (EOs) issued this year are expected to help attract more investment. He cited EO 122, which established a unified policy framework for the critical minerals industry. Signed in August, the order seeks to upgrade the industry from its current status as an ore exporter to a high value-added processor. The Philippines is among the world's largest nickel ore suppliers, a critical mineral used in batteries and stainless steel, underscoring the scale of the sector the order aims to move beyond raw-material exports.

EO 119, signed in July, introduced a unified, risk-based framework for the classification, protection, storage, and cross-border transfer of government data.

Focus on the Enabling Environment

The BoI also plans to focus next year on improving the enabling environment for investors. "For the metrics, there might be a little bit of tweaking. So, instead of just measuring the amount, there might be a new measure on monitoring how efficiently we facilitate the implementation of projects," Mr. Peñaflor said.

Local and foreign investors have long raised concerns about red tape, high power costs, and logistical inefficiencies in investing in the Philippines. The agency also wants to increase the share of investment in emerging sectors such as biofuel and sustainable mineral processing, he added.

As the Philippines' leading investment promotion agency (IPA), the BoI also wants to encourage investors to register with other IPAs, Mr. Rodolfo said. The Philippines has about 20 IPAs, which are tasked with attracting investment, granting incentives, and managing economic zones.

For reference, the BoI approved P1.56 trillion worth of investments in 2025 but fell short of its full-year target of P1.75 trillion.

Source: BusinessWorld — BoI confident of exceeding P1-T investment goal by Beatriz Marie D. Cruz, Senior Reporter.