Manila: Investment pledges approved by the government’s investment promotion agencies (IPAs) reached an all-time high last year.

According to Philippines News Agency, the Board of Investments (BOI) announced that the Marcos administration’s efforts to position the Philippines as a premier investment destination have resulted in unprecedented achievements, with total approved investments reaching PHP1.9 trillion in 2024.

The approved investments during this period were 29 percent higher compared to those recorded in 2023. Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go highlighted that these projects are anticipated to create over 130,000 jobs. He credited the increase to the strong performance of the country’s leading IPAs, including the BOI, Philippine Economic Zone Authority (PEZA), Clark Development Corporation, and Bases Conversion and Development Authority.

Go stated, “This unprecedented performance shows growing investor confidence in the Philippines and the success of the administration’s investment and economic policies. We are optimistic that these approved projects will translate into tangible economic benefits in the coming years, including the creation of more and better job opportunities for Filipinos, and paving the way for sustainable, investment-led growth.”

Of the total approved investment pledges, domestic investments amounted to PHP1.35 trillion, a significant rise from PHP578 billion in 2023. Approved foreign investment pledges reached PHP544 billion, with Switzerland, South Korea, the Netherlands, Japan, and Singapore emerging as the top foreign investors.

BOI Undersecretary Ceferino Rodolfo emphasized the importance of the types of projects approved, which focus on modernizing and structurally transforming the Philippine economy. These ventures include sectors such as renewable energy, telecommunications infrastructure, innovation-driven light manufacturing, and integrated tech-enabled agriculture. Rodolfo noted, “These reflect the priority areas for investment being actively promoted by Secretary Go and [Trade and Industry] Secretary Roque.”

Investments in renewable energy alone amounted to PHP1.30 trillion, with PHP144 billion directed towards manufacturing and PHP138 billion towards real estate. Additional investment pledges include PHP131 billion in transportation and storage, and PHP79 billion in electricity, gas, steam, and air conditioning supply.