BOI Approvals Hit Record PHP 1.62 Trillion in 2024

The Board of Investments (BOI) has set a 57-year record with PHP 1.62 trillion in approved investments as of December 17, 2024, surpassing its PHP 1.5 trillion target for the year.

This achievement reflects a 28% increase compared to PHP 1.26 trillion during the same period in 2023, with the energy sector—primarily renewable energy—leading the surge at PHP 1.38 trillion, up 40% year-on-year.

Trade Secretary and BOI Chair Cristina Roque attributed the milestone to investor confidence in the Philippines’ economic stability and reforms.

“The PHP 1.62 trillion in investment approvals for 2024 is a powerful vote of confidence from both local and international investors,” said Roque.

“These investments will fuel job creation, drive innovation, and foster dynamic economic progress.”

The BOI highlighted renewable energy, air and water transport (PHP 121.20 billion), and mass housing (PHP 37.26 billion) as key growth drivers.

Manufacturing followed at PHP 31.67 billion, while water supply, sewerage, and waste management investments surged 1,540% to PHP 16.28 billion from PHP 992 million in 2023.

Local investments saw a 150% rise, contributing PHP 1.23 trillion to the total.

CALABARZON emerged as the top investment destination with PHP 630.97 billion, followed by Central Luzon (PHP 277.80 billion) and Western Visayas (PHP 252.88 billion).

Foreign investments reached PHP 383.31 billion, led by Switzerland with PHP 289.06 billion—an astronomical 770,263% increase from PHP 38 million last year.

The Netherlands ranked second with PHP 44.50 billion, followed by Japan with PHP 14.67 billion.

Special Assistant to the President for Investment and Economic Affairs Frederick D. Go emphasized that whole-of-government initiatives, including the CREATE MORE law, have positioned the Philippines as a prime investment hub.

Secretary Roque credited the BOI’s Green Lane initiative for expediting renewable energy project approvals, which significantly boosted the energy sector’s performance.

Emerging opportunities in electric vehicles, semiconductors, and high-tech agriculture also contributed to the Philippines’ robust economic outlook.

“As we approach 2025, we are determined to build on this momentum,” Roque added.

The government aims to refine forward-looking policies to attract investments, ensuring inclusive growth and sustainability for all Filipinos.