The Board of Investments (BOI) reported that it has approved a total of P1.58 trillion in investments in the first 11 months of the year, driven largely by a surge in renewable energy projects.
In a statement on Wednesday, Dec. 4, the Department of Trade and Industry (DTI) attached-agency said the end-November figures brought the BOI closer to its P1.6 trillion investment approvals target for 2024.
Year-on-year, BOI investment approvals from January to November jumped 44 percent compared to P1.101 trillion in the same period in 2023.
DTI Secretary and BOI Chairman Cristina Roque attributed this success to the solid macroeconomic policies of the Marcos administration, the dedication of its stakeholders, and the BOI’s efforts under the Bagong Pilipinas campaign.
“Reaching P1.58 trillion in investment approvals within 11 months is a clear proof of our government’s success in fostering a stable and attractive investment climate," Roque said. "These investments will create jobs, support local business enterprises, drive innovation, and contribute to the nation's progress."
This surge in investment approvals came primarily from the energy sector, particularly renewable energy projects, which totaled P1.35 trillion—a 48 percent year-on-year increase.
The BOI's Green Lane initiative, which streamlined the approval process for renewable energy projects, contributed significantly to the sector's performance, Roque said.
Other top-performing sectors include air and water transport at P121.20 billion; real estate activities (mass housing) at P34.67 billion; manufacturing at P30.40 billion; water supply, sewerage, waste management, and remediation activities at P16.28 billion; agriculture, forestry, and fishing at P10.47 billion; wholesale and retail at P8.25 billion; and information technology and business process management at P7.26 billion.
Notably, the water supply, sewerage, waste management, and remediation sector saw the most significant growth, with 1,540 percent compared to last year.
This growth is fueled by a significant 254 percent increase in local investments, with Filipino companies contributing P1.06 trillion.
The CALABARZON region is the leading recipient, with P623.19 billion in investments, followed by Central Luzon with P277.08 billion, and Western Visayas with P245.95 billion. Other high-performing regions include the Bicol Region with P142.89 billion and the Ilocos Region with P87.04 billion.
Foreign investments also constitute a substantial portion of the approved projects, amounting to P331.78 billion.
Switzerland leads foreign investors with P289.06 billion, followed by the Netherlands with P40.59 billion, Japan with P14.67 billion, and South Korea P12.72 billion. Singapore, Thailand, and the United States also made notable contributions with P7.38 billion, P3.22 billion, and P2.51 billion, respectively.