BOI-approved investments surged 44% to P1.58T in 11 months

MANILA, Philippines — The government’s lead investment promotions agency approved P1.58 trillion in planned investments from January to November 2024, with the value surging by 44 percent from P1.1 trillion in the same period a year ago, according to the Department of Trade and Industry (DTI).

The DTI said that the significant increase in the Board of Investments’ (BOI) approvals came mainly from the energy sector, particularly from renewable energy projects.

The investments in this sector amounted to P1.35 trillion during the 11-month period, marking a 48-percent increase year-on-year, according to the DTI.

“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,” Trade Secretary and BOI Chair Cristina Roque said in a statement.

“These investments will create jobs, support local business enterprises, drive innovation and contribute to the nation’s progress,” Roque added.

Aside from the energy industry, the other sectors which registered substantial investment are air and water transport with P121.2 billion, real estate activities with P34.67 billion, manufacturing with P30.4 billion, and water supply, sewerage, waste management and remediation activities with P16.28 billion.

Also approved were P10.47 billion worth of investments in the agriculture, forestry and fishing sector; P8.25 billion in wholesale and retail as well as P7.26 billion in information technology and business process management.

Roque attributed the increase in approvals to the “solid macroeconomic policies of the Marcos administration, the dedication of its stakeholders, and the BOI’s efforts under the Bagong Pilipinas campaign.”

For his part, Secretary Frederick Go of the Office of the Special Assistant to the President for Investment and Economic Affairs Frederick credited the government’s implementation of investor-friendly policies, such as Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act.

“These efforts are vital in sustaining our country’s strong economic growth and ensuring that the Philippines remains a prime investment destination,” Go said.