Investment pledges at the Board of Investments (BOI) surged by 44 percent to P1.58 trillion in the first 11 months of 2024 from P1.1 trillion a year ago.
This brought the agency closer to its P1.6-trillion target for the year.
“Reaching P1.58 trillion in investment approvals within 11 months is a clear testament to our government’s success in fostering a stable and attractive investment climate. These investments will create jobs, support local enterprises, drive innovation, and contribute to national progress,” said Trade Secretary Ma. Cristina Roque.
The surge was led by renewable energy projects, which went up by 48 percent to P1.35 trillion; followed by air and water transport with P121.2 billion; real estate, P34.67 billion; manufacturing, P30.4 billion; water supply and waste management, P16.28 billion; agriculture, forestry and fishing, P10.47 billion; wholesale and retail, P8.25 billion; and, IT and business process management, P7.26 billion.
The water supply and waste management sector recorded the highest growth, surging by 1,540 percent from last year.
Local investments accounted for P1.2 trillion, driven by a 254-percent increase from domestic companies.
The CALABARZON region emerged as the top recipient, attracting P623.19 billion, followed by Central Luzon with P277.08 billion and Western Visayas with P245.95 billion.
Foreign investments reached P379.31 billion, with Switzerland leading this year’s tally with P289.06 billion, followed by the Netherlands with P40.59 billion, Japan with P14.67 billion, and South Korea with P12.72 billion.
Singapore, Thailand and the United States also contributed significantly.
The BOI also highlighted the success of the BOI’s Green Lane initiative, which streamlined approvals for renewable energy projects, boosting the sector’s performance.
The top investment promotion agency is optimistic about emerging opportunities in electric vehicles, semiconductors, smart manufacturing, renewable energy, and data center infrastructure, signaling continued momentum for the Philippine economy.
Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go emphasized the government’s role in sustaining growth.
“The robust investments in key sectors underscore our progress in national priorities. Policies like the CREATE MORE Act have significantly enhanced our competitiveness, attracting local and foreign investments essential for sustaining economic growth,” he said.
