The Philippine Board of Investments surpasses its P1.26 trillion full year investment approvals for 2023 as it reaches P1.35 trillion by its 57th founding anniversary on September 16, 2024. This figure marks a significant 82% increase from the P741.98 billion approved in January to September 15 last year.
The energy sector, mainly projects in renewable energy, continued to dominate the investment approvals at P1.29 trillion. Other top sectors included Real Estate Activities (Mass Housing) at P20.28 billion; Manufacturing at P12.13 billion; Agriculture, Forestry, and Fishing at P10.05 billion; and Administrative and Support Service Activities at P 5.46 billion.
Special Assistant to the President (SAP) for Investment and Economic Affairs Frederick D. Go lauded the recent milestone of the BOI, emphasizing how the approved investment projects align with the Administration’s strategic priorities. “We have identified key sectors – renewable energy, semiconductors & electronics, mining & mineral processing, food & agriculture, pharmaceuticals, and steel – as essential drivers of the country’s growth. The approved investments in these sectors illustrate our steady progress in realizing these priorities.”
Relatedly, SAP Go also highlighted the efforts of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) in collaborating with Investment Promotion Agencies to secure the passage of the CREATE MORE Bill. “This will improve ease of doing business, promote inclusive economic growth, and solidify the Philippines’ position as an attractive investment destination,” he added.
Trade Secretary Cristina Roque echoed this commendation, celebrating the BOI’s achievement. “Reaching the P1.35 trillion in investment approvals by mid-September highlights the government’s success in cultivating a stable and attractive environment for investors. These approvals represent more jobs for Filipinos, opportunities for MSMEs to be part of global value chains, pathways for innovation, and significant economic progress across the nation. Guided by our vision of Bagong Pilipinas, the DTI will continue to foster an enabling business environment for foreign investments in the country.”
Filipino companies reinforced their strong standing as top contributor to investments approval at P1.01 trillion, marking a 221% increase from the same period in the previous year. The CALABARZON region remained the top recipient of local investments with P602.63 billion, followed by Central Luzon (P258.68 billion), Western Visayas (P238.88 billion), Bicol Region (P142.87 billion), and Ilocos Region (P62.68 billion).
Foreign investments constituted a substantial portion of the approved projects as well, amounting to P 341.78 billion. Leading the foreign investors was Switzerland, 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.
“As we celebrate our 57th anniversary, we are more inspired with the strong show of confidence by local and foreign investors in the Philippines, that has made it possible for BOI to hit early the P1.35 trillion mark in investment approvals,” said Trade Undersecretary and BOI Managing Head, Ceferino S. Rodolfo. “This accomplishment highlights both our agency’s unwavering commitment to nurturing a thriving investment landscape and in harnessing our country’s potential to be the prime investments destination for smart and sustainable manufacturing and services. We are excited to build on this momentum to work towards industrial transformation and economic growth that benefits all Filipinos.”
“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. The keen investment interest from both local and foreign investors will propel long-term economic progress and position the country as a global leader in strategic investments,” added Undersecretary Rodolfo.
With a legacy of 57 years, BOI, an attached agency of the Department of Trade and Industry (DTI), continues to lead the charge in driving industrial transformation through investments. BOI is committed to promoting sustainable virtuous cycle of economic growth that uplifts all Filipinos.
Looking ahead, BOI is confident in maintaining its growth trajectory. This latest achievement builds on a historic 2023. The success of the first three quarters of the year underpins the Philippines’ continuously improving investment climate, sending clear signals that we are MAKING IT HAPPEN IN THE PHILIPPINES.
