BOI Confident of Achieving P1.6-Trillion Investment Target for 2024, Driven by Renewable Energy Sector

The Philippine Board of Investments (BOI) is optimistic about reaching its target of P1.6 trillion in investment approvals for 2024, driven by strong foreign investment in renewable energy and infrastructure. BOI Managing Head Ceferino Rodolfo highlighted that as of mid-September, approved investments had already reached P1.35 trillion, an 82% increase over the same period in 2023.

The energy sector accounts for the largest share of these approvals, with P1.29 trillion, followed by real estate, manufacturing, and agriculture. Rodolfo noted that renewable energy projects with green lane endorsements will play a significant role in meeting the year-end goal.

The green lane initiative, launched under Executive Order 18 in 2023, streamlines the approval process for strategic investments. Renewable energy investments have surged since the Philippines allowed full foreign ownership of these projects, supporting the country’s goal of increasing renewable energy to 35% of the power mix by 2030 and 50% by 2040