INVESTMENT pledges approved by the government’s investment promotion agencies (IPAs) reached an all-time high last year.
The Board of Investments (BOI) on Monday, February 24, said the Marcos administration’s push to position the Philippines as a premier investment destination has yielded unprecedented results, with total approved investments reaching an all-time high of P1.9 trillion in 2024.
The approved investments during the period were higher by 29 percent compared to the recorded investments in 2023.
Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go said these projects are expected to generate more than 130,000 jobs.
He attributed the increase to the strong performance of the country’s leading IPAs, including the BOI, Philippine Economic Zone Authority (PEZA), Clark Development Corporation, and Bases Conversion and Development Authority.
Of the total approved investment pledges, domestic investments amounted to P1.35 trillion, up from the P578 billion in 2023.
Approved foreign investment pledges, meanwhile, reached P544 billion.
Switzerland, South Korea, the Netherlands, Japan, and Singapore emerged as the top foreign investors.
“Equally important as the level of investments are the types of projects approved. 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,” BOI Undersecretary Ceferino Rodolfo said.
Investments in renewable energy amounted to P1.30 trillion, P144 billion for manufacturing, and P138 billion for real estate.
Other investment pledges are in transportation and storage at P131 billion, and electricity, gas, steam, and air conditioning supply at P79 billion. (PNA)
