The investments approved by the Board of Investments (BOI) soared by 44 percent as of end-November versus the same period last year.
BOI, in a statement, said it has approved a total of P1.58 trillion in investments from January to November 2024, recording a significant increase from the P1.101 trillion during the same time in 2023.
It also brings the BOI closer to its P1.6 trillion investment approvals target for 2024.
The increase in investment approvals came primarily from the energy sector, particularly renewable energy projects, which reached P1.35 trillion, posting a 48 percent year-on-year hike.
“Reaching P1.58 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,” said Cristina Roque, Department of Trade and Industry secretary and BOI chairman.
Meanwhile, other top-performing sectors include air and water transport at P121.2 billion; real estate activities at P34.67 billion; manufacturing at P30.4 billion; water supply, sewerage, waste management and remediation activities at P16.28 billion; agriculture, forestry and fishing at P10.47 billion; wholesale and retail at P8.25 billion; and information technology and business process management at P7.26 billion.
Notably, the water supply, sewerage, waste management and remediation sector recorded the highest growth at 1,540 percent jump compared to last year.
This growth is fueled by a 254 percent increase in local investments, with Filipino companies contributing P1.06 trillion.
Calabarzon region is the leading recipient with P623.19 billion in investments, followed by Central Luzon with P277.08 billion and Western Visayas, P245.95 billion.
Other high-performing regions include Bicol Region with P142.89 billion and Ilocos Region with P87.04 billion.
“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 Act—which enhances our competitiveness in attracting both local and foreign direct investments,” Special Assistant to the President for Investment and Economic Affairs Frederick Go said.
“These efforts are vital in sustaining our country’s strong economic growth and ensuring that the Philippines remains a prime investment destination,” he added.
Foreign investments also constitute a substantial portion of the approved projects, amounting to P31.78 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, P12.72 billion.
