Last year, investment pledges approved by the government’s investment promotion agencies (IPAs) hit a record high.
According to a statement issued Monday by the Board of Investments (BOI), the Marcos administration’s strategy to establish the Philippines as a top investment hub has delivered remarkable results. Total approved investments surged to an unprecedented P1.9 trillion in 2024, a 29% increase over 2023 figures.
Frederick Go, Special Assistant to the President for Investment and Economic Affairs (SAPIEA), noted that these projects are projected to create over 130,000 jobs.
He credited this surge to the robust performance of major IPAs such as the BOI, Philippine Economic Zone Authority (PEZA), Clark Development Corporation, and the Bases Conversion and Development Authority.
“This extraordinary achievement reflects growing investor confidence in the Philippines as well as the effectiveness of our current investment and economic policies. We expect these projects to bring substantial economic benefits shortly, including improved job opportunities and a foundation for sustainable, investment-led growth,” Go stated.
Breaking down the numbers, domestic investment commitments reached P1.35 trillion—up sharply from P578 billion in 2023—while foreign investment pledges totaled P544 billion. Switzerland, South Korea, the Netherlands, Japan, and Singapore were among the top foreign investors.
BOI Undersecretary Ceferino Rodolfo highlighted that the focus is on the volume of investments and their strategic nature.
“These initiatives target sectors that will modernize and fundamentally transform the Philippine economy, including renewable energy, telecommunications infrastructure, innovation-driven light manufacturing, and integrated tech-enabled agriculture,” he explained. “They clearly mirror the investment priorities promoted by secretary Go and Trade and Industry secretary Roque.”
In sector-specific terms, investments in renewable energy reached P1.30 trillion, manufacturing projects attracted P144 billion, and real estate investments were pegged at P138 billion. Additional pledges include P131 billion for transportation and storage, and P79 billion allocated to the electricity, gas, steam, and air conditioning supply sector.