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The Board of Investments approved a total of P1.58 trillion in investments from January to November 2024, an increase of 44% from the P1.101 trillion approved in the same period last year
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The latest figure also brings BOI closer to the full year target of P1.6 trillion investment approvals
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The surge in investment approvals came primarily from the energy sector, particularly renewable energy projects, which totaled P1.35 trillion—a 48% year-on-year increase
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The growth is fueled by a significant 254% increase in local investments, with Filipino companies contributing P1.06 trillion
The Board of Investments (BOI) approved a total of P1.58 trillion in investments from January to November 2024, an increase of 44% from the P1.101 trillion approved in the same period last year.
The latest figure also brings BOI closer to the full year target of P1.6 trillion investment approvals, according to the Department of Trade and Industry (DTI).
DTI said the surge in investment approvals came primarily from the energy sector, particularly renewable energy projects, which totaled P1.35 trillion—a 48% year-on-year increase.
“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,” Trade Secretary and BOI chairman Cristina Roque said in a statement.
“These investments will create jobs, support local business enterprises, drive innovation, and contribute to the nation’s progress,” Roque added.
Other top-performing sectors include:
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air and water transport at P121.20 billion;
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real estate activities (mass housing) at P34.67 billion;
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manufacturing at P30.40 billion;
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water supply, sewerage, waste management, and remediation activities at P16.28 billion;
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agriculture, forestry, and fishing at P10.47 billion;
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wholesale and retail at P8.25 billion; and
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information technology and business process management at P7.26 billion.
Notably, the water supply, sewerage, waste management, and remediation sector saw the most significant growth of 1,540% compared to last year.
The growth is fueled by a significant 254% increase in local investments, with Filipino companies contributing P1.06 trillion. The CALABARZON region is the leading recipient with P623.19 billion in investments, followed by Central Luzon with P277.08 billion, and Western Visayas with P245.95 billion.
Other high-performing regions include Bicol Region with P142.89 billion and Ilocos Region with P87.04 billion.
Foreign investments also constitute a substantial portion of approved projects, amounting to P331.78 billion. Switzerland leads foreign investors 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 made notable contributions with P7.38 billion, P3.22 billion, and P2.51 billion, respectively.
Roque 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 stated.
Moreover, Roque emphasized the success of BOI’s Green Lane initiative, which has streamlined the approval process for renewable energy projects, contributing significantly to the sector’s performance.
Roque also 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.
