The Board of Investments (BOI) announced a record P1.62 trillion ($27.4 billion) in investment approvals as of December 17, the highest in its 57-year history.
This year’s total represents a 28% increase compared to the same period in 2023, the BOI, the lead investment promotion agency under the Department of Trade and Industry, said in a statement on Thursday.
The energy sector, particularly renewable energy projects, drove the bulk of the growth, accounting for P1.38 trillion — a 40% year-on-year increase. Other key sectors showing strong growth included air and water transport, mass housing in real estate, and manufacturing.
Foreign investments also played a significant role in the 2024 surge, with approved foreign projects totaling P383.31 billion (roughly $6.5 billion). Switzerland was the top foreign investor, contributing P289.06 billion (about $4.89 billion), followed by the Netherlands and Japan.
Meanwhile, local investments experienced a dramatic increase of 150%, with Filipino companies contributing P1.23 trillion (around $20.83 billion) in approved projects.
The BOI’s approval figures underscore the country’s strong economic performance, attracting both foreign and domestic investments across multiple sectors.