Makati City, Philippines — The Department of Trade and Industry (DTI) is confident it will surpass its investment approval goal of P1.6 trillion for 2024, owing to a strong lineup of major infrastructure and renewable energy (RE) projects.
In a media interview on October 28, DTI Secretary Cristina A. Roque said, “We are working hard to attract more foreign investments, especially in renewable energy.”
She mentioned recent deals with foreign companies, including a P2.9 billion investment from SHERA for a new green, AI-driven cement manufacturing facility in the Philippines.
Roque noted that this positive trend aligns with President Ferdinand R. Marcos Jr.'s strategy to draw in foreign investments that create good jobs for Filipinos.
Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino S. Rodolfo supported this view, stating that the rise in infrastructure projects and renewable energy investments are key to this positive outlook. “We believe we will exceed P1.6 trillion because of the many infrastructure projects coming our way,” he explained, highlighting expedited permits for strategic renewable energy projects.
Initially, the BOI aimed for investment approvals between P1.25 trillion and P1.5 trillion this year, later adjusting the upper limit to P1.6 trillion in August. As of September, the BOI has endorsed P4.3 trillion in investments, with renewable energy projects making up the majority at P3.91 trillion.
Secretary Roque emphasized the importance of the Bagong Pilipinas initiative, saying, “The strong performance in investment approvals shows the Philippines’ commitment to sustainable economic growth and a promising future for all Filipinos.”