Makati City, Philippines—The Department of Trade and Industry (DTI), through the Philippine Board of Investments (BOI), has approved a total of PHP 1.58 trillion in investments from January to November 2024. This impressive performance brings the BOI closer to its PHP 1.6 trillion investment approvals target for 2024, with a dramatic 44% increase from PHP 1.101 trillion during the same period in 2023.

This surge in investment approvals came primarily from the energy sector, particularly renewable energy projects, which totaled PHP 1.35 trillion—a 48% year-on-year increase.

DTI Secretary and BOI Chairman Cristina Roque attributed this success to the solid macroeconomic policies of the Marcos administration, the dedication of its stakeholders, and the BOI’s efforts under the Bagong Pilipinas campaign.

“Reaching PHP 1.58 trillion in investment approvals within 11 months is a clear proof of our government’s success in fostering a stable and attractive investment climate. These investments will create jobs, support local business enterprises, drive innovation, and contribute to the nation’s progress.”

Other top-performing sectors include:

  • air and water transport at PHP 121.20 billion;
  • real estate activities (mass housing) at PHP 34.67 billion;
  • manufacturing at PHP 30.40 billion;
  • water supply, sewerage, waste management, and remediation activities at PHP 16.28 billion;
  • agriculture, forestry, and fishing at PHP 10.47 billion;
  • wholesale and retail at PHP 8.25 billion; and
  • information technology and business process management at Php7.26 billion.

Notably, the water supply, sewerage, waste management, and remediation sector saw the most significant growth, with 1,540% compared to last year.

This growth is fueled by a significant 254% increase in local investements, with Filipino companies contributing PHP 1.06 trillion. The CALABARZON region is the leading recipient, with PHP 623.19 billion in investments, followed by Central Luzon with PHP 277.08 billion, and Western Visayas with PHP 245.95 billion. Other high-performing regions include Bicol Region with PHP 142.89 billion and Ilocos Region with PHP 87.04 billion.

Meanwhile, Special Assistant to the President (SAP) for Investment and Economic Affairs Frederick D. Go recognized the significance of the high investment approvals this year.

“The robust investments in key sectors are a testament to our steady progress in realizing our national priorities. This growth is driven by the government’s steadfast implementation of investor-friendly policies—such as Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act—which enhances our competitiveness in attracting both local and foreign direct investments. These efforts are vital in sustaining our country’s strong economic growth and ensuring that the Philippines remains a prime investment destination,” SAP Go said.

Foreign investments also constitute a substantial portion of the approved projects, amounting to PHP 331.78 billion. Switzerland leads foreign investors with PHP 289.06 billion, followed by the Netherlands with PHP 40.59 billion, Japan with PHP 14.67 billion, and South Korea PHP 12.72 billion. Singapore, Thailand, and the United States also made notable contributions with PHP 7.38 billion, PHP 3.22 billion, and PHP 2.51 billion, respectively.

Trade Secretary Roque further attributed the investment growth to both local and international investor confidence.

“These figures underscore our commitment to sustained economic growth that transforms the Philippine economy. We are focused on creating a virtuous cycle of growth by empowering the private sector through market-based tools,” the trade chief reaffirmed.

“This underpins the Philippines’ continuously improving investment climate, sending clear signals that we are ‘Making It Happen in the Philippines’,” she added.

Moreover, she emphasized the success of the BOI’s Green Lane initiative, which has streamlined the approval process for renewable energy projects, contributing significantly to the sector’s performance.

Secretary Roque expressed optimism about the Philippines’ rapidly growing economy, which presents major opportunities in sectors such as electric vehicles, smart manufacturing, semiconductors, renewable energy, high-tech agriculture, and data center infrastructure.  ♦

Date of Release: 04 December 2024

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