“The Philippines is open for business.”
This is the clear message President Ferdinand Marcos Jr. is sending out to the world as he engineers a remarkable investment turnaround during his first 1000 days in office. Foreign investors who once hesitated are now pouring billions into the Philippine economy, and it looks like more are on the way.
Record-breaking numbers
Since the start of the Marcos administration, the Philippines has recorded PHP 1.4 trillion (approximately USD 25 billion) in approved investments. The Board of Investments (BOI) alone has registered a total of PHP 2.36 trillion in approved investments across 157 projects.
Foreign direct investments (FDI) showed strong recovery with a 27.8% rebound in November 2023, reaching $1 billion. The total FDI inflows for the first 11 months of 2023 amounted to $7.6 billion.
Beyond approvals, 46 foreign investment projects worth $14.2 billion have actually been completed. These projects span key sectors like manufacturing, IT-BPM, renewable energy, infrastructure, transport, logistics, agriculture, and retail.
Japan and the United States lead the way as top foreign investors, with Japan having 21 completed projects and the U.S. having 13.
Focus on energy
The energy sector, particularly renewable energy, has seen the biggest surge in investment. BOI approvals for energy projects totaled PHP 1.38 trillion in 2024, a 40% increase from the previous year.
In 2023 alone, the BOI registered PHP 986.14 billion worth of renewable energy investments, with many coming from offshore wind projects. This green energy push aligns with both global trends and local needs.
Agriculture is growing
Agribusiness has also seen impressive growth, with PHP 29.15 billion pledged in 2023. This marks a 342% increase from the PHP 6.6 billion invested in 2022, showing renewed confidence in the Philippines’ agricultural potential.
More than trips: game-changing legislation
A key driver of this investment boom is the landmark Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, signed by President Marcos to make the Philippines “the destination of choice for investments.”
This law overhauls the tax incentive system by clarifying VAT and duty incentives rules, extending coverage to non-registered exporters and high-value domestic enterprises, and establishing clear timelines for tax refunds. It raises the investment capital approval threshold for Investment Promotion Agencies from ₱1 billion to ₱15 billion, streamlining the approval process for most projects.
The CREATE MORE Act also expands the Enhanced Deductions Regime, offering greater tax relief to registered business enterprises while providing tax exemptions on donations of capital equipment and materials to government institutions and educational facilities.
But wait there’s more
The Department of Trade and Industry (DTI) is far from done. As of June 2024, it had a pipeline of 231 investment leads valued at approximately USD 76.6 billion. This includes public-private partnership projects that will further boost economic growth.
The One-Stop Action Center for Strategic Investments at BOI is also facilitating 83 strategic projects with investments amounting to PHP 2.45 trillion across renewable energy, digital infrastructure, food security, and manufacturing.
What started as investment roadshows and economic briefings has transformed into actual factories, power plants, and technology hubs creating jobs across the Philippines. With billions more in the pipeline, the investment momentum under the Marcos administration shows no signs of slowing down, cementing the Philippines’ position as a premier investment destination in Asia.
As cranes rise across Manila’s skyline and new industrial parks break ground in the provinces, the impact of these investments extends beyond balance sheets. Each peso invested translates to Filipino jobs, improved infrastructure, and transferred technology. President Marcos’ investment push isn’t just changing economic statistics—it’s changing lives and reshaping the nation’s economic future for generations to come.
