Approved investments hit record-high P1.35 trillion

MANILA, Philippines — Investments for projects approved by the Board of Investments (BOI) in January until mid-September hit an all-time high of P1.35 trillion, surpassing last year’s total approvals amid strong investor interest in the country.

The BOI said the investments approved from January until Sept. 16 are higher than the record-high full year 2023 investment approvals amounting to P1.26 trillion.

The January to mid-September investment approvals are also up 82 percent from P741.98 billion in the same period last year.

The achievement of the investment approvals milestone coincides with the BOI’s 57th anniversary.

“As we celebrate our 57th anniversary, we are more inspired with the strong show of confidence by local and foreign investors in the Philippines, that has made it possible for BOI to hit the P1.3-trillion mark in investment approvals,” Trade Undersecretary and BOI managing head Ceferino Rodolfo said.

He said the accomplishment shows BOI’s unwavering commitment to nurture an environment to position the country as a prime investment destination for smart and sustainable manufacturing and services.

The energy sector, mainly renewable energy projects, continued to account for bulk of the investment approvals, accounting for P1.29 trillion.

Other top sectors include real estate activities (mass housing) at P20.28 billion; manufacturing at P12.13 billion; agriculture, forestry and fishing at P10.05 billion; and administrative and support service activities at P5.46 billion.

Approved investments from Filipino companies in the January to mid-September period reached P1 trillion, 221 percent higher than in the same period last year.

BOI-approved foreign investments from January to Sept. 16, meanwhile, amounted to P341.78 billion.

Topping the list of foreign investors was Switzerland with investments amounting to P286.77 billion.

Other leading sources of approved foreign investments are the Netherlands with P39.58 billion, Singapore with P6.18 billion, US with P1.68 billion and Taiwan with P1.30 billion.

By location, CALABARZON (Cavite-Laguna-Batangas-Rizal-Quezon) region was the biggest recipient of investments in the January to mid-September period with P602.63 billion, followed by Central Luzon (P258.68 billion), Western Visayas (P238.88 billion), Bicol Region (P142.87 billion) and Ilocos Region (P62.68 billion).