THE Board of Investments (BOI) has approved P1.62 trillion in investments as of Dec. 17, surpassing its 2024 target of P1.6 trillion.
The approvals — also 28.5-percent up from last year’s P1.26 trillion — were said to be the highest in BOI’s 57-year history.
“These investments will fuel job creation, drive innovation, and foster dynamic economic progress,” Trade Secretary and BOI Chairman Ma. Cristina Roque said.
“By focusing on international trade, we are laying the foundation for sustainable and inclusive economic growth,” she added.
The energy sector accounted for the bulk of approved investments at P1.38 trillion, 40 percent higher compared to a year earlier. The majority of the projects involve renewable energy.
Other top-performing sectors were air and water transport (P121.20 billion); real estate activities (P37.26 billion); manufacturing (P31.67 billion); remediation activities (P16.28 billion); agriculture, forestry and fishing (P11.02 billion); wholesale and retail (P8.25 billion); and information technology-business process management (P7.34 billion).
Local companies remained the top source of investments, contributing P1.23 trillion and up a significant 150 percent year on year. Foreign investments, meanwhile, totaled P383.31 billion.
Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) is the leading recipient with P630.97 billion, followed by Central Luzon with P277.08 billion and the Western Visayas with P252.88 billion.
Other regions with substantial investments include Bicol (P144.97 billion) and the National Capital Region (P129.17 billion).
Switzerland led foreign investors with P289.06 billion in proposed investments, followed by the Netherlands (P44.5 billion), Japan (P14.67 billion) and South Korea (P12.73 billion).
Roque said the BOI would aim to sustain the momentum next year.
“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,” she added.
Be the first to comment