Chinese investments in BOI surge amid maritime disputes with Manila

Despite ongoing maritime tensions between Manila and Beijing, the Board of Investments (BOI) has reported a significant increase in project registrations from Chinese investors this year.

On Tuesday, the BOI announced that it approved over PHP 1 billion worth of projects from Chinese sources between January and September 2024, marking a remarkable 237 percent increase compared to the same period last year. Notably, this figure surpasses the entire project registration from Chinese investors in 2023, which stood at PHP 619 million.

As a result of this surge, China has emerged as the seventh-largest source of investment approvals in the Philippines this year. To further enhance project inflow from China, the BOI dispatched a delegation to the country last month to promote the Philippines as a prime investment destination.

The delegation participated in the China International Fair for Investment and Trade (CIFIT) held in Xiamen, where they engaged in discussions with potential investors.

“Throughout the six days of the Investment Promotion Roadshow, we generated significant interest from various sectors,” stated Trade Undersecretary and BOI Managing Head Ceferino Rodolfo. He emphasized the Philippines' commitment to transforming its economy into a "virtuous cycle of sustained economic growth."

Rodolfo noted that events like CIFIT showcase the Philippines as a regional hub for smart and sustainable manufacturing and services, ultimately aiming to create green and sustainable jobs for the Filipino people.

During the delegation’s visit, BOI officials engaged with 21 companies across diverse sectors, including renewable energy equipment manufacturing, electric vehicle manufacturing, and agribusiness.

Additionally, two roundtable meetings were held in Xiamen and Beijing, where five companies discussed their investment and expansion plans in the Philippines, particularly in electric vehicle and consumer goods manufacturing, infrastructure, green metals, and mining activities.

The surge in Chinese investments highlights the Philippines' potential as an attractive investment destination, even amidst geopolitical challenges. With proactive initiatives like the recent investment roadshow, the BOI is focused on leveraging interest from foreign investors to drive economic growth and job creation in the country.