The Department of Trade and Industry (DTI), through the Philippine Board of Investments (BOI), has approved a total of P1.58 trillion in investments from January to November 2024.
This impressive performance brings the BOI closer to its P1.6 trillion investment approvals target for 2024, with a dramatic 44% increase from P1.101 trillion during the same period in 2023.
This surge in investment approvals came primarily from the energy sector, particularly renewable energy projects, which totaled P1.35 trillion—a 48% year-on-year increase.
DTI Secretary and BOI Chairman Cristina Roque attributed this success to the solid macroeconomic policies of the Marcos administration, the dedication of its stakeholders, and the BOI’s efforts under the Bagong Pilipinas campaign.
“These investments will create jobs, support local business enterprises, drive innovation, and contribute to the nation’s progress.”
“Reaching P1.58 trillion in investment approvals within 11 months is a clear proof of our government’s success in fostering a stable and attractive investment climate. These investments will create jobs, support local business enterprises, drive innovation, and contribute to the nation’s progress.”
Other top-performing sectors include:
· air and water transport at P121.20 billion;
· real estate activities (mass housing) at P34.67 billion;
· manufacturing at P30.40 billion;
· water supply, sewerage, waste management, and remediation activities at P16.28 billion;
· agriculture, forestry, and fishing at P10.47 billion;
· wholesale and retail at P8.25 billion; and
· information technology and business process management at P7.26 billion.
Notably, the water supply, sewerage, waste management, and remediation sector saw the most significant growth, with 1,540% compared to last year.
This growth is fueled by a significant 254% increase in local investments, with Filipino companies contributing P1.06 trillion.
The CALABARZON region is the leading recipient, with P623.19 billion in investments, followed by Central Luzon with P277.08 billion, and Western Visayas with P245.95 billion. Other high-performing regions include Bicol Region with P142.89 billion and Ilocos Region with P87.04 billion.
Meanwhile, Special Assistant to the President (SAP) for Investment and Economic Affairs Frederick Go recognized the significance of the high investment approvals this year.
“The robust investments in key sectors are a testament to our steady progress in realizing our national priorities. This growth is driven by the government’s steadfast implementation of investor-friendly policies—such as Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act—which enhances our competitiveness in attracting both local and foreign direct investments. These efforts are vital in sustaining our country’s strong economic growth and ensuring that the Philippines remains a prime investment destination,” Go said.
Foreign investments also constitute a substantial portion of the approved projects, amounting to P331.78 billion. Switzerland leads foreign investors with P289.06 billion, followed by the Netherlands with P40.59 billion, Japan with P14.67 billion, and South Korea P12.72 billion. Singapore, Thailand, and the United States also made notable contributions with P7.38 billion, P3.22 billion, and P2.51 billion, respectively.
Roque further attributed the investment growth to both local and international investor confidence.
“We are focused on creating a virtuous cycle of growth by empowering the private sector through market-based tools.”
“These figures underscore our commitment to sustained economic growth that transforms the Philippine economy. We are focused on creating a virtuous cycle of growth by empowering the private sector through market-based tools,” the trade chief reaffirmed.
“This underpins the Philippines’ continuously improving investment climate, sending clear signals that we are ‘Making It Happen in the Philippines’,” the trade head added.
Moreover, she emphasized the success of the BOI’s Green Lane initiative, which has streamlined the approval process for renewable energy projects, contributing significantly to the sector’s performance.
Roque expressed optimism about the Philippines’ rapidly growing economy, which presents major opportunities in sectors such as electric vehicles, smart manufacturing, semiconductors, renewable energy, high-tech agriculture, and data center infrastructure.
