Total registered investments surged past the 2023 level by over 29 percent, reaching P1.9 trillion in 2024, the Board of Investments (BOI) said Monday.
Domestic investment approvals more than doubled from P578 billion to P1.35 trillion, while foreign investments accounted for P544 billion, making up 29 percent of the total.
Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick Go said the new investments are expected to generate over 130,000 jobs.
He attributed the figures to consolidated data from various investment promotion agencies (IPAs).
“We are optimistic that these approved projects will translate into tangible economic benefits in the coming years, including the creation of more and better job opportunities for Filipinos, and paving the way for sustainable, investment-led growth,” he said.
Key IPAs contributing to the milestone include the BOI, Philippine Economic Zone Authority (PEZA), Clark Development Corporation (CDC) and Bases Conversion and Development Authority (BCDA).
“These projects focus on sectors crucial to modernizing and transforming the Philippine economy—renewable energy, telecom infrastructure, innovation-driven light manufacturing, and tech-enabled agriculture. These are priority areas championed by Secretary Go and Secretary Roque,” said BOI managing head Ceferino Rodolfo.
The renewable energy sector led all investment categories, attracting P1.3 trillion, followed by manufacturing at P144 billion, real estate at P138 billion, transportation and storage at P131 billion, and electricity, gas, steam and air conditioning supply at P79 billion.
Switzerland, South Korea, the Netherlands, Japan and Singapore ranked as the top foreign investors.
The BOI said the increasing investments signal a maturing investment climate, balancing strong local participation with strategic international partnerships.