Approved investments hit all-time high of P1.9 trillion in 2024 — BOI

Investment commitments approved by the country's investment promotion agencies (IPAs) reached an all-time high last year.

In a statement, the Board of Investments (BOI) reported that total registered investments through IPAs in 2024 stood at P1.9 trillion, up 29% year-on-year.

Broken down, domestic investment pledges accounted for the lion's share of P1.35 trillion while approved foreign investments reached P544 billion.

For his part, Special Assistant to the President for Investment and Economic Affairs Frederick Go said the broader economic impact of the approved investments could translate to the generation of over 130,000 jobs.

Go said the figures came from data consolidated from various IPAs.

Among the leading IPAs include the BOI, Philippine Economic Zone Authority (PEZA), Clark Development Corporation (CDC), and Bases Conversion and Development Authority (BCDA).

"This unprecedented performance shows growing investor confidence in the Philippines and the success of the administration's investment and economic policies. We are optimistic that these approved projects will translate into tangible economic benefits in the coming years, including the creation of more and better job opportunities for Filipinos, and paving the way for sustainable, investment-led growth," said Go.

Trade Undersecretary and BOI head Perry Rodolfo said that "these ventures focus on sectors that will modernize and structurally transform the Philippine economy—such as renewable energy, telecom infrastructure, innovation-driven light manufacturing, and integrated tech-enabled agriculture."

The renewable energy sector led all investment categories, attracting P1.30 trillion, followed by manufacturing at P144 billion, real estate at P138 billion, transportation and storage at P131 billion, and electricity, gas, steam, and air conditioning supply at P79 billion.

Switzerland, South Korea, the Netherlands, Japan, and Singapore emerged as the top foreign investors, according to the BOI.

Late last year, the Department of Trade and Industry (DTI) reported that the approved investment commitments in 2024, through the BOI, exceeded the P1.5-trillion target set by the Marcos administration. — VDV, GMA Integrated News