DTI-BOI OK'd P1.58-T investment commitments in Jan-Nov

The Department of Trade and Industry’s Board of Investments (BOI) has approved P1.58 trillion worth of investment commitments from January to November 2024.

In a statement, the DTI-BOI said the amount of investment approvals in the 11-month period brings the investment promotion agency closer to hitting its target of P1.6 trillion for the entire 2024.

Year-on-year, investment pledges thumbed up by the DTI-BOI in the January to November 2024 period were 44% higher than the P1.01-trillion recorded in the same period in 2023.

The agency said the growth in investment approvals came primarily from the energy sector, particularly renewable energy projects with a total of P1.35 trillion investment commitments, up 48% year-on-year.

For her part, Trade Secretary and BOI chairman Cristina Roque attributed the 11-month investment commitments performance 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 clear proof of our government’s success in fostering a stable and attractive investment climate. These investments will create jobs, support local business enterprises, drive innovation, and contribute to the nation's progress,” said Roque.

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
• information technology and business process management at P7.26 billion

The DTI-BOI said that the water supply, sewerage, waste management, and remediation sector saw the most significant growth with a 1,540% increase compared to last year.

This growth is fueled by a significant 254% increase in local investments, with Filipino companies contributing P1.06 trillion, the agency said.

Moreover, 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 Bicol Region with P142.89 billion and Ilocos Region with P87.04 billion.

The DTI-BOI added that foreign investments also constitute a substantial portion of the approved projects, amounting to P331.78 billion.

It said that 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 contributed P7.38 billion, P3.22 billion, and P2.51 billion, respectively.

"These figures underscore our commitment to sustained economic growth that transforms the Philippine economy. We are focused on creating a virtuous cycle of growth by empowering the private sector through market-based tools,” said Roque.

“This underpins the Philippines’ continuously improving investment climate, sending clear signals that we are ‘Making It Happen in the Philippines’,” she added.

The Trade chief also emphasized the success of the BOI's Green Lane initiative, which has streamlined the approval process for renewable energy projects, contributing significantly to the sector’s performance.—RF, GMA Integrated News