PHP230M TO W. VISAYAS: Energy investments top PHP1.35T in BOI approvals

By Francis Allan L. Angelo

The Philippine Board of Investments (BOI) marked a record-breaking PHP1.35 trillion in approved investments as of mid-September 2024, with Western Visayas as one of the top recipients, surpassing its full-year performance in 2023.

Energy projects, particularly in renewable energy, dominated the investment landscape, contributing PHP1.29 trillion, or nearly 96% of the total.

The milestone represents an 82% surge from the PHP741.98 billion approved during the same period in 2023, signaling growing investor confidence in the country’s energy sector and overall economic potential.

Frederick D. Go, Special Assistant to the President for Investment and Economic Affairs, emphasized the government’s focus on key growth sectors.

“We have identified renewable energy, semiconductors & electronics, mining & mineral processing, food & agriculture, pharmaceuticals, and steel as essential drivers of the country’s growth. The approved investments in these sectors illustrate our steady progress in realizing these priorities,” Go said.

The energy sector’s dominance in investment approvals aligns with the government’s push for renewable energy as a key component of the country’s sustainable economic growth strategy.

The Philippines aims to reduce its dependence on fossil fuels and shift toward cleaner, greener energy sources.

Trade Secretary Cristina Roque celebrated the achievement, highlighting its impact on the economy.

“Reaching the PHP1.35 trillion in investment approvals by mid-September highlights the government’s success in cultivating a stable and attractive environment for investors. These approvals represent more jobs for Filipinos, opportunities for MSMEs to be part of global value chains, pathways for innovation, and significant economic progress across the nation,” Roque said.

In addition to energy, other sectors that received substantial investments included real estate activities (PHP20.28 billion), manufacturing (PHP12.13 billion), agriculture, forestry, and fishing (PHP10.05 billion), and administrative and support services (PHP5.46 billion).

Local investments played a significant role, accounting for PHP1.01 trillion of the approved projects, a 221% increase from the previous year.

The CALABARZON region was the top recipient of domestic investments, with PHP602.63 billion, followed by Central Luzon (PHP258.68 billion) and Western Visayas (PHP238.88 billion).

Foreign investments also made a notable contribution, totaling PHP341.78 billion. Switzerland led the pack with PHP286.77 billion in investments, followed by the Netherlands (PHP39.58 billion) and Singapore (PHP6.18 billion).

“As we celebrate our 57th anniversary, we are more inspired with the strong show of confidence by local and foreign investors in the Philippines, which has made it possible for BOI to hit early the PHP1.35 trillion mark in investment approvals,” said Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo.

Rodolfo noted that the focus on renewable energy and manufacturing is propelling sustainable growth, creating thousands of jobs, and enhancing the quality of life for Filipinos. “These investments are critical to strengthening the Philippines’ economic foundation,” he added.