December 5, 2024 | 12:00am
MANILA, Philippines — Investments approved by the Board of Investments (BOI) hit a record high of P1.58 trillion in 11 months, driven primarily by projects in the energy sector.
In a statement yesterday, the Department of Trade and Industry (DTI) said the project approvals by its attached agency as of end-November are 44 percent higher than the P1.101 trillion registered in the same period last year.
The approved investments in the 11-month period also bring the BOI closer to the upper limit of its investment approvals goal of P1.6 trillion for this year.
The DTI attributed the surge in investment approvals to the energy sector, particularly renewable energy projects, which had P1.35 trillion worth of investments during the period, 48 percent higher year-on-year.
Other sectors with substantial investments are air and water transport at P121.2 billion; real estate activities (mass housing), P34.67 billion; manufacturing, P30.4 billion; water supply, sewerage, waste management and remediation activities at P16.28 billion; agriculture, forestry and fishing at P10.47 billion; wholesale and retail at P8.25 billion, and information technology and business process management at P7.26 billion.
By region, Calabarzon was the biggest recipient of approved investments in the 11-month period with P623.19 billion.
Central Luzon came in next with P277.08 billion, followed by Western Visayas with P245.95 billion.
Other high-performing regions include Bicol region with P142.89 billion and Ilocos region with P87.04 billion.
“Reaching P1.58 trillion in investment approvals within 11 months is clear proof of our government’s success in fostering a stable and attractive investment climate. These investments will create jobs, support local business enterprises, drive innovation and contribute to the nation’s progress,” DTI Secretary and BOI chair Cristina Roque said.
For his part, Special Assistant to the President for Investment and Economic Affairs Frederick Go said the robust investments reflect the steady progress in realizing the country’s priorities.
“This growth is driven by the government’s steadfast implementation of investor-friendly policies – such as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act – which enhances our competitiveness in attracting both local and foreign direct investments. These efforts are vital in sustaining our country’s strong economic growth and ensuring that the Philippines remains a prime investment destination,” he said.
Last year, the BOI approved P1.26 trillion worth of investments.
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