BOI investment approvals soar to 57-year record of P1.62 trillion

The Board of Investments (BOI) approved P1.62 trillion in investments in 2024 as of December 17. This figure not only surpasses the agency’s Php1.5 trillion target for the year but also marks the highest level of investment approvals in the BOI's 57-year history.

This year’s approvals reflect a 28% growth compared to the Php1.26 trillion during the same period in 2023. The energy sector, specifically the renewable energy projects, leads the surge in approvals, totaling Php1.38 trillion and marking a 40% year-on-year increase.

Other leading sectors in 2024 included Air and Water Transport at Php121.20 billion, Real Estate Activities (Mass Housing) at Php37.26 billion, Manufacturing at Php31.67 billion, Water Supply, Sewerage, Waste Management, and Remediation Activities at Php16.28 billion; Agriculture, Forestry, and Fishing at Php11.02 billion; Wholesale and Retail at Php8.25 billion, and IT-BPM at Php7.34 billion.

Significantly, the Water Supply, Sewerage, Waste Management, and Remediation sector saw the most significant growth, soaring by 1,540% compared to last year’s Php992 million.

Local investments have seen a remarkable 150% uptick, with Filipino companies contributing Php1.23 trillion worth of investments. In particular, the CALABARZON region is the leading recipient, with Php630.97 billion in investments, followed by Central Luzon (Php277.80 billion) and Western Visayas (Php252.88 billion). Other high-performing regions include the Bicol Region (Php144.97 billion), the National Capital Region (Php 129.17 billion), and the Ilocos Region (Php88.32 billion).

Special Assistant to the President for Investment and Economic Affairs Frederick D. Go attributes the increase in approved investments to the whole-of-government effort to position the Philippines as a preferred investment destination. He highlighted that the passage of CREATE MORE, which enhances the country’s investment environment, is expected to attract renewed interest and optimism from global investors.

Trade Secretary and BOI Chairman Cristina Roque, meanwhile, commended the BOI for its remarkable achievement in terms of investment approvals this year.

"The Php1.62 trillion in investment approvals for 2024 is a powerful vote of confidence from both local and international investors. This reflects the government’s commitment to creating a stable and attractive business environment in the Philippines, and attests to the effectiveness of our policies and reforms," said Secretary Roque.

"These investments will fuel job creation, drive innovation, and foster dynamic economic progress. By focusing on international trade, we are laying the foundation for sustained and inclusive economic growth. This is in line with our goal is to transform the Philippines into Southeast Asia’s hub for smart and sustainable manufacturing and services," the trade chief added.

Foreign investments constituted a substantial portion of the approved projects as well, amounting to Php383.31 billion. Leading the foreign investors was Switzerland, contributing Php289.06 billion in approved investments, marking a staggering 770,263% increase from last year’s Php38 million. The Netherlands ranked second with Php44.50 billion, while Japan secured the third spot with Php14.67 billion. Other notable contributors included South Korea (Php12.73 billion), Singapore (Php7.38 billion), Thailand (Php3.22 billion), and the U.S.A. (Php2.54 billion).

Secretary Roque also underscored the success of the BOI's Green Lane initiative, which has expedited the approval process for renewable energy projects and significantly contributed to the sector’s performance.

Furthermore, the trade chief emphasized the substantial opportunities presented by the Philippines' robust and rapidly growing economy. These are particularly abundant in emerging sectors such as electric vehicles, smart manufacturing, semiconductors, renewable energy, high-tech agriculture, and data center infrastructure.

Looking ahead, Secretary Roque stated, "As we approach 2025, we are determined to build on this momentum. We will continue to refine and implement forward-looking policies that attract investments in these key industries, ensuring that the Philippines remains a prime destination for innovation and growth. Our commitment is to create an environment where businesses thrive, sustainability is prioritized, and economic opportunities benefit all Filipinos."