BOI celebrates 57 years with record-breaking investment approvals

As the Board of Investments (BOI) marks its 57th anniversary, 2024 is shaping up to be a standout year, with project registrations reaching unprecedented levels. The BOI reported that from January 1 to September 15, investment approvals surged to PHP1.35 trillion, an 82 percent increase from PHP741.98 billion during the same period last year. This figure has already surpassed the total approvals for 2023, which stood at PHP1.26 trillion.

In a statement on Monday, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo expressed enthusiasm about the record-high approvals. "As we celebrate our 57th anniversary, we are more inspired by the strong confidence shown by local and foreign investors. This achievement highlights our commitment to fostering a robust investment environment," Rodolfo said.

The majority of the approved investments are concentrated in renewable energy projects, which accounted for PHP1.29 trillion. Other significant areas of investment include mass housing at PHP20.28 billion, manufacturing at PHP12.13 billion, agriculture at PHP10.05 billion, and administrative support services at PHP5.46 billion.

Geographically, the regions of Calabarzon, Central Luzon, and Western Visayas led the way with investments totaling PHP602.63 billion, PHP258.68 billion, and PHP238.88 billion, respectively. The Bicol Region and Ilocos Region followed with PHP42.87 billion and PHP62.68 billion, respectively.

Foreign investments played a crucial role, contributing PHP341.78 billion to the total. Switzerland led with PHP286.77 billion, followed by the Netherlands at PHP39.58 billion, Singapore at PHP6.18 billion, the United States at PHP1.68 billion, and Taiwan at PHP1.30 billion.

Rodolfo highlighted the significance of these investments for the country’s economic growth. "These investments are critical for strengthening the Philippines' economic foundation, driving sustainable growth, creating jobs, and improving the quality of life for Filipinos," he noted. He also emphasized the BOI's dedication to continuing this momentum to achieve industrial transformation and economic advancement.