Investment projects reach P1.58 trillion as of November 2024

The Board of Investments (BOI) approved P1.58 trillion in pledges from January to November 2024, or 44 percent higher than the investment approvals of P1.10 trillion in the same period in 2023, according to a report by Philippine News Agency.

The approved investments for the first 11 months of the year brought the BOI closer to its full year target of P1.6 trillion.

“Reaching PHP1.58 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,” Department of Trade and Industry (DTI) Secretary and BOI Chair Ma. Cristina Roque said in a statement Wednesday.

According to the DTI, bulk of the projects registered with its attached investment promotion agency (IPA) came from energy projects, including renewables, amounting to PHP1.35 trillion.

Investments in air and water transport amounted to PHP121.2 billion, PHP34.67 billion for mass housing, and PHP30.4 billion for manufacturing.

Other investment pledges are in the sector of water supply, sewerage, waste management, and remediation activities at PHP16.28 billion; agriculture, forestry, and fishing at PHP10.47 billion; wholesale and retail at PHP8.25 billion; and information technology and business process management at PHP7.26 billion.

Investments from local firms remained robust at PHP1.06 trillion, while foreign sources registered PHP379.31 billion worth of projects with the IPA.

The top sources of foreign investments at the BOI for the first 11 months of the year were Switzerland with PHP289.06 billion, the Netherlands with PHP40.59 billion, Japan with PHP14.67 billion, and South Korea with PHP12.73 billion.

Office of Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go said the robust investments in key sectors reflect the country’s steady progress in realizing the 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 (CREATE MORE) Act— which enhances our competitiveness in attracting both local and foreign direct investments,” Go said.

“These efforts are vital in sustaining our country’s strong economic growth and ensuring that the Philippines remains a prime investment destination."