BOI: Year-to-Date Investment Approvals Hit P1.35T as of September 16

The Philippine Board of Investments (BOI) reported that it has approved P1.35 trillion worth of investments so far in 2024, an 82% increase compared to the same period last year. This surge, largely driven by the energy sector, has already surpassed the P1.26 trillion total for 2023.

Energy projects contributed the lion’s share, accounting for P1.29 trillion of the approvals. Other significant sectors include real estate activities, particularly mass housing, with P20.28 billion, manufacturing with P12.13 billion, and agriculture, forestry, and fishing with P10.05 billion.

Frederick Go, Special Assistant to the President for Investment and Economic Affairs, emphasized that renewable energy, semiconductors, electronics, and other priority sectors are driving the country’s growth.

Domestic investments accounted for P1.01 trillion, reflecting a 221% growth, with Calabarzon leading the way at P602.63 billion. Foreign investments totaled P341.78 billion, led by Switzerland with P286.77 billion, followed by the Netherlands, Singapore, the United States, and Taiwan.

Trade Undersecretary Ceferino Rodolfo highlighted the critical role these investments play in boosting economic growth, creating jobs, and positioning the Philippines as a global leader in strategic sectors.