Investment pledges approved by the Board of Investments (BOI) surged 13.74 percent in the first five months of 2024 to P640.22 billion from P562.90 billion in the same period last year.
This marked the highest five-month approval in the BOI’s 57-year history.
Renewable energy, information and communication technology (ICT), construction, real estate and transportation and storage emerged as the top investment sectors in the country.
Reflecting the rise in investment approvals, foreign direct investments (FDIs) also saw a significant increase in the first quarter of 2024.
The Bangko Sentral ng Pilipinas (BSP) reported a 42.07-percent year-on-year surge in net inflows, reaching $2.97 billion from January to March, compared to $2.09 billion in the same period of 2023.
DTI Secretary and BOI chairman Alfredo Pascual said the BSP statistics and the BOI’s approved investment data reflected sustained investor trust and confidence in the country and its workforce.
“The upward trajectory in FDI net inflows and approved investments follows the pattern of commitments from various trade missions initiated by IPAs, including the goodwill fostered through the President’s business trips abroad. These efforts have been followed through by registration approvals, and what we are seeing now are tangible results of these concerted government efforts,” Pascual said.
Data show that in the first five months of 2024, foreign investments approved by the BOI amounted to P114.37 billion, while domestic investments totaled P525.85 billion. These projects are expected to create 13,871 jobs for Filipinos.
Switzerland was the leading source of foreign investments contributing P62.89 billion, followed by the Netherlands with P39.33 billion, Singapore with P6.07 billion, China with P1.53 billion, Taiwan with P1.28 billion and the United States with P953 million.
The BOI said that in terms of investment destinations, CALABARZON or Region IV-A took the top spot with P538.52 billion, followed by the Ilocos Region at P28.49 billion.
Central Luzon received P24.42 billion; the Bicol Region, P13.28 billion; and Western Visayas, P8.54 billion, completing the top five regions.
Meanwhile, the renewable energy and power sector dominated investment approvals, with a total of P607.47 billion, representing a 20.73-percent increase from the previous year’s P503.18 billion.
The agriculture, forestry and fishing sectors posted approved investments of P9.56 billion, while the real estate sector registered P8.17 billion in approved investments.
The transportation and storage sector contributed P4.61 billion to the total, while the manufacturing sector attracted P4.36 billion in investments.
The financial and insurance sector recorded the highest growth rate, surging 236 percent from P67.82 million last year to P227.95 million this year.
“The BOI, together with other IPAs, remains committed to generating more investments and maintaining the FDI growth momentum through ongoing economic reforms and proactive investment promotion. With a favorable business environment and strong investor confidence, the Philippines is well-positioned to enhance its competitiveness further and achieve sustainable economic development,” Pascual said.
