Investment approvals at the Board of Investments (BOI) reached a record high of P1.35 trillion, surpassing the P1.26 trillion registered in the whole 2023. 

This represents an 82 percent increase from the P741.98 billion approved in January to September 15 last year.

The announcement came as BOI marks its 57th anniversary this month.

“This accomplishment highlights both our agency’s unwavering commitment to nurturing a thriving investment landscape and in harnessing our country’s potential to be the prime investments destination for smart and sustainable manufacturing and services. We are excited to build on this momentum to work towards industrial transformation and economic growth that benefits all Filipinos,” said Ceferino Rodolfo, trade undersecretary and BOI managing head.

The investments as of September will be poured into 255 projects.

The BOI said the energy sector, mainly projects in renewable energy, continued to dominate the investment approvals at P1.29 trillion. Other top sectors included real estate activities (mass housing) at P20.28 billion; manufacturing at P12.13 billion; agriculture, forestry, and fishing at P10.05 billion; and administrative and support service activities at P5.46 billion.

Filipino companies were top contributors to investments approval at P1.01 trillion, a 221 percent increase from the same period in the previous year

By region, Calabarzon   remained the top recipient of local investments with P602.63 billion; followed by Central Luzon, P258.68 billion; Western Visayas, P238.88 billion; Bicol, P142.87 billion and; Ilocos, P62.68 billion.

Foreign investments amounted to P341.78 billion led by companies from Switzerland, contributing P286.77 billion followed by the Netherlands with P39.58 billion; Singapore, P6.18 billion; the United States, P1.68 billion and; Taiwan, P1.3 billion.

“These investments are critical to strengthening the Philippines’ economic foundation. The focus on renewable energy and manufacturing is helping drive sustainable growth, creating thousands of jobs, and improving the quality of life for Filipinos. The keen investment interest from both local and foreign investors will propel long-term economic progress and position the country as a global leader in strategic investments,” emphasized Undersecretary Rodolfo.