The government set a record high for investment approvals in the first nine months of 2024, totaling P1.25 trillion, up 82% from P741.98 billion in registrations in the same period last year, the Bureau of Investments (BOI) said.
The BOI released the data to celebrate its 57th founding anniversary on Monday, adding that the investment approvals also surpassed the full-year approvals in 2023 at P1.26 trillion.
"As we celebrate our 57th anniversary, we are more inspired by the strong show of confidence by local and foreign investors in the Philippines, which 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.
Renewable energy is attracting the most investments, with P1.29 trillion worth of approved projects as of Sept. 15. Mass housing projects registered P20.28 billion worth of investment, followed by manufacturing at P12.13 billion; agriculture, forestry, and fishing at P10.05 billion; and administrative and support service activities at P5.46 billion.
"These investments are critical to strengthening the Philippines' economic foundation. The focus on renewable energy and manufacturing is helping drive sustainable growth, creating thousands of jobs, and improving the quality of life for Filipinos," Rodolfo said.
Significantly, most of the investments were poured into Calabarzon, at P602.63 billion, establishing the region's position as the next growth corridor. Central Luzon and Western Visayas received P58.68 billion and P238.88 billion, respectively.
The top five investment destinations are the Bicol Region and the Ilocos Region, with P42.87 billion and P62.68 billion, respectively.
"This accomplishment highlights our agency's unwavering commitment to nurturing a thriving investment landscape and harnessing our country's potential to be the prime investment destination for smart and sustainable manufacturing and services. We are excited to build on this momentum to work towards industrial transformation and economic growth that benefits all Filipinos," Rodolfo said.
Moreover, investments from foreign sources contributed P341.78 billion to the total approvals in the past three quarters, with firms from Switzerland investing P286.77 billion, the Netherlands with P39.58 billion, Singapore with P6.18 billion, the United States with P1.68 billion, and Taiwan with P1.30 billion.
"The keen investment interest from local and foreign investors will propel long-term economic progress and position the country as a global leader in strategic investments," Rodolfo added.
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