The Board of Investments (BOI) said investment approvals jumped 65 percent in the first seven months of 2024 to P1.15 trillion from a year ago.
Key projects approved in July include a P185-billion solar project with battery storage system, a P1.2-billion biscuit manufacturing facility and investments in solar rooftop and activated carbon production.
BOI managing head Ceferino Rodolfo expressed confidence about exceeding the P1.6-trillion full-year investment target.
“With the momentum we have built, we are confident in achieving and exceeding this goal, driving economic development,” Rodolfo said, noting the additional 27,207 workers added to the workforce.
The Management Association of the Philippines (MAP) credited outgoing Department of Trade and Industry (DTI) Secretary Alfredo Pascual for the record investments this year.
“We congratulate Secretary Pascual for doing a very good job in pursuing the DTI mandate of overseeing the effective implementation of fair trade laws, protecting consumer welfare through education and information dissemination programs and nurturing an environment that is conducive to doing business,” said MAP president Rene Almendras.
The group highlighted Pascual’s efforts to help improve the global competitiveness of the Philippines by supporting micro, small and medium enterprises (MSMEs) through better access to financing and business development services.
MAP acknowledged Pascual’s contribution to record-breaking investment approvals of the BOI. “We urge the government to fast-track the implementation of over P1 trillion worth of approved investments, especially in energy, agribusiness, and other sectors that enhance national development and create more jobs for Filipinos,” the group said.
MAP also encouraged the DTI and BOI to support Pascual’s vision of promoting innovation and sustainability in Philippine industries.
It emphasized the importance of fair competition, reduced business costs, innovation, and ensuring Filipinos have access to affordable, high-quality goods and services.
Data show that among the biggest renewable energy investments this year are the P297-billion Pakil Pumped Storage Hydroelectric Power Project and the P114.7-billion Guimaras Strait Offshore Wind Power Project.
Proactive engagement by investment promotion agencies (IPAs) also resulted in the registration of high-profile projects by companies like Optum, Atento, Toyota and Macquarie. The BOI also supported projects by Collins Aerospace, Dyson and Nitori.
Major developments include Hyundai’s shipbuilding project, Endec’s Hyperscaler Data Center, Taehiyo Cement’s modernized facility and FedEx’s expansion in Clark.
Domestic investments also played a crucial role in job creation and food security, with notable projects like SteelAsia’s P92-billion investment in steel mills and Mega Prime Foods’ facility in Batangas. The Wawa Dam project, another high-profile investment, will significantly increase water supply to Metro Manila and Rizal by 2025.
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