INVESTMENT approvals hit an all-time high of P1.9 trillion in 2024, the Board of Investments (BOI) said on Monday, surpassing the P1.6-trillion target for the year and the P1.26 trillion recorded in 2023.
Domestic investment dominated last year’s approvals, more than doubling to P1.35 trillion from P578 billion. Foreign investments, meanwhile, accounted for P544 billion.
“This unprecedented performance shows growing investor confidence in the Philippines and the success of the administration’s investment and economic policies,” the BOI quoted Frederick Go, the special assistant to the president for Investment and Economic Affairs, as saying.
“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,” Go added.
The BOI said that renewable energy led in terms of investments at P1.30 trillion, followed by manufacturing (P144 billion); real estate (P138 billion); transportation and storage (P131 billion); and electricity, gas, steam, and air conditioning supply (P79 billion).
Switzerland, South Korea, the Netherlands, Japan and Singapore were the top foreign investors.
BOI Undersecretary Perry Rodolfo said the approved investments “focus on sectors that will modernize and structurally transform the Philippine economy — such as renewable energy, telecom infrastructure, innovation-driven light manufacturing, and integrated tech-enabled agriculture.”
The BOI also said that the increased investments were an indication of a maturing investment climate in the country.