Investment plans cleared by the Board of Investments (BOI) for fiscal incentives surged by 82 percent to P1.35 trillion as of mid-September 2024 from P741.98 billion in the same period in 2023.
This also surpassed the full-year approvals in 2023, said the BOI, one of the government’s investment promotion agencies. The figure is separate from those reported by other agencies such as the Philippine Economic Zone Authority, Clark Development Corp. and Subic Bay Metropolitan Authority.
“As we celebrate our 57th anniversary, we are more inspired by the strong show of confidence by local and foreign investors in the Philippines that has made it possible for BOI to hit the P1.3-trillion mark in investment approvals,” said BOI managing director Ceferino Rodolfo.
Data showed that the energy sector continued to dominate investment approvals at P1.29 trillion, mainly with projects in renewable energy.
Other top sectors included mass housing with investments of P20.28 billion; manufacturing, P12.13 billion; agriculture, forestry and fishing, P10.05 billion; and administrative and support service activities, P5.46 billion.
Local companies displayed a strong commitment to the Philippine economy, contributing a significant P1.01 trillion in investments, marking a remarkable 221-percent increase from the previous year.
The CALABARZON region maintained its position as a prime investment destination, securing the largest share of local investments at P602.63 billion, followed by Central Luzon with P258.68 billion, Western Visayas with P238.88 billion, Bicol Region with P142.87 billion and Ilocos Region with P62.68 billion.
Foreign investments also played a crucial role in driving the BOI’s success, reaching a total of P341.78 billion. Switzerland emerged as the leading foreign investor, contributing P286.77 billion, followed by the Netherlands with P39.58 billion and Singapore with P6.18 billion
The United States and Taiwan also made notable contributions with P1.68 billion and P1.30 billion, respectively.
“These investments are critical to strengthening the Philippines’ economic foundation. The focus on renewable energy and manufacturing is helping drive sustainable growth, creating thousands of jobs, and improving the quality of life for Filipinos,” Rodolfo said.
The BOI said it remains committed to its mission of driving industrial transformation and economic growth through investments.
The agency expressed confidence in meeting its yearend investment target of P1.6 trillion.
