Investment approvals from the Board of Investments (BOI) declined by 48 percent from January to November compared to a year ago, making it more likely that the goal of hitting ₱1.75 trillion in investments is now out of reach.

The BOI approved ₱816.81-billion worth of investments during the 11-month period, or about half of the ₱1.58 trillion registered last year.

These end-November investments cleared by the government’s lead investment promotion agency (IPA) cover 261 projects, which are expected to generate 32,864 jobs. The BOI also grants tax and non-tax incentives to qualified investors.

The energy and electricity sector received the largest share of investments, amounting to ₱479.78 billion, or 59 percent of the total haul.

Projects related to airports and seaports totaled ₱195.69 billion, followed by manufacturing at ₱58.99 billion, mass housing at ₱37.55 billion, and information and communication at ₱21.27 billion.

By region, Calabarzon drew the highest amount of BOI-approved investments over the first 11 months with ₱244.86 billion, more than double Metro Manila’s capital inflow of ₱120.77 billion.

The BOI said Singapore was the top foreign investment source as of end-November, with investments reaching ₱74.78 billion. Other leading sources include Thailand (₱7.75 billion) and the United States (US), with ₱5.38 billion.

BOI Chair and Trade Secretary Cristina Roque said the approved investments during the January-to-November period send a clear signal to both foreign and local investors that the country is an ideal business destination.

Last month, she said the BOI is keeping its target of reaching ₱1.75 trillion in approved investments for the year despite investment figures already suggesting otherwise.

With barely three weeks left in 2025, Roque is banking on the potential approval of 10 more big-ticket projects worth more than ₱1 trillion to hit the target.

The potential approvals include three hydroelectric projects, four offshore wind (OSW) projects, two air transport service projects, and one transport infrastructure project.

Roque said they are now working “double time” to get these projects approved, making them eligible for incentives.

However, she admitted that the BOI is “unsure if all of these can be approved for registration this year.”

“While the year is wrapping up quickly, there are still significant projects under review that could positively impact our numbers. It’s premature to make any definitive conclusions until those are finalized,” Roque said.

The BOI is scheduled to hold two more board meetings before year-end, during which project approvals will take place.

Meanwhile, BOI data also showed it has endorsed ₱1.92-trillion worth of projects under the Green Lane Program from January to November.

The BOI said it has certified 78 projects during the period, which are poised to create 161,325 direct jobs.

The renewable energy (RE) sector accounted for the bulk or 74 percent of projects registered under Green Lane, with a total of 60 projects worth ₱1.42 trillion cleared under RE.

For public-private partnerships (PPPs), infrastructure, and water, the BOI endorsed ₱416.08-billion worth of projects.

Other sectors that received Green Lane endorsements include digital infrastructure (₱49.56 billion), manufacturing (₱30.13 billion), food security (₱4.33 billion), and pharmaceuticals (₱45 million).

Enacted under Executive Order (EO) No. 18, the Green Lane Program was established to expedite, streamline, and automate processing of permits and licenses for strategic investments.

Since it was rolled out in February 2023, the program has certified 229 projects worth ₱6.06 trillion. These projects have an estimated employment generation of 396,822.