The Board of Investments (BOI) approved P640.22 billion worth of investments for the first five months of this year, led by domestic investments and continuous projects in the renewable energy (RE) sector.
This year’s end-May investment figure was 14 percent higher than the P562.90 billion recorded in the same period last year.
Domestic investments comprised the bulk of the figures from January to May 2024, with P525.85 billion.
The majority of the investments were made for projects in the CALABARZON area worth P538.52 billion, followed by the Ilocos Region with P28.49 billion; Central Luzon with P24.42 billion; the Bicol Region with P13.28 billion; and Western Visayas with P8.54 billion.
Meanwhile, foreign investments totaled P114.37 billion, with Switzerland contributing the largest share with P62.89 billion. Investments from the Netherlands followed with P39.33 billion; Singapore with P6.07 billion; China with P1.53 billion; Taiwan with P1.28 billion; and the United States with P953 million.
Overall, foreign and local investments are forecast to open 13,871 new jobs for Filipinos.
Investment approvals in the RE and power sector continue to see gains, increasing by 21 percent to P607.47 billion from January to May compared to P503.18 billion a year ago.
This is followed by the agriculture, forestry, and fishing sectors with approved investments of P9.56 billion, the real estate sector with P8.17 billion, the transportation and storage sector with P4.61 billion, the manufacturing sector with P4.36 billion, and the financial and insurance activities sector with P227.95 million.
In a statement, the BOI said the growth in investment approvals is aligned with the 40.7 percent year-on-year rise of net foreign direct investment (FDI) inflows in the first quarter of 2024, amounting to $2.97 billion, as reported by the Bangko Sentral ng Pilipinas (BSP).
The majority of these investments were in the Netherlands, Japan, Singapore, and the US.
The agency also cited the presidential visits and other working visits of the current administration, along with other further efforts of investment promotion agencies (IPAs), as significant factors that are influencing the growth of FDIs.
"We aspire to transform the Philippine economy and become the regional hub for smart and sustainable manufacturing and services, and these data show that we are on the right track. The upward trajectory in FDI net inflows and approved investments follows the pattern of commitments from various trade missions initiated by IPAs, including the goodwill fostered through the President’s business trips abroad. These efforts have been followed through by registration approvals, and what we are seeing now are tangible results of these concerted government efforts,” said DTI Secretary and BOI Chairman Alfredo E. Pascual.
“We are indeed 'Making it Happen in the Philippines'. The BOI, together with other IPAs, remains committed to generating more investments and maintaining the FDI growth momentum through ongoing economic reforms and proactive investment promotion,” he added.