BOI-approved investments hit record P1.62 trillion

MANILA, Philippines — Investment pledges approved by the Board of Investments (BOI) hit a record high of P1.62 trillion this year, exceeding the agency’s 2024 target.

The Philippine Economic Zone Authority (PEZA) also exceeded its investment approvals goal for the year.

In a statement, the Department of Trade and Industry (DTI) said that its attached agency, the BOI, approved P1.62 trillion worth of investments this year, surpassing the BOI’s initial target of P1.5 trillion set at the beginning of 2024.

The approved investments for 2024 are also 28.6 percent higher than the previous all-time high of P1.26 trillion in 2023, reflecting the strong vote of confidence from both local and international investors, according to the DTI.

It said that another attached agency, the PEZA, delivered a remarkable performance this year, approving P214 billion worth of investments and exceeding the P200 billion target for 2024.

Investments approved by the PEZA this year are also 22 percent higher than the P175.71 billion approved in 2023.

The DTI attributed the higher PEZA investment approvals to the investment promotion agency’s focus on developing and expanding ecozones to attract high-growth industries and provide world-class support services to investors.

Trade Secretary Cristina Roque said the investments approved by the BOI and PEZA are expected to create jobs, drive innovation and support economic growth.

“By focusing on international trade, we are laying the foundation for sustainable and inclusive economic growth,” she said.

She said the DTI aims to sustain the progress seen in the coming year through policies that will encourage firms to choose the Philippines for their investments.

“As we approach 2025, we are determined to build on this positive momentum. We will continue to refine and implement forward-looking policies that attract investments in these key industries, ensuring that the Philippines remains a prime destination for innovation and growth,” Roque said.

“Our commitment is to create an environment where businesses thrive, sustainability is prioritized and economic opportunities benefit all Filipinos,” she said.