The Board of Investments (BOI) said Monday that investment pledges from President Ferdinand Marcos Jr.'s foreign trips netted P640.22 billion from January to May this year.
"This positive trend can be attributed to various factors, including the investment leads generated from the presidential visits of President Ferdinand R. Marcos, Jr. since 2022. These visits, along with the efforts of the BOI and other Investment Promotion Agencies (IPAs), have been instrumental in converting potential investment interests into actualized projects and foreign direct investments (FDIs)," BOI said in a statement.
The BOI added that investment approvals in the first five months of this year rose 14% from P562.9 billion investments registered in the same period in 2023.
Approved investments from foreign sources amounted to P114.37 billion, while local investors registered P525.85 billion worth of investments from January to May 2024.
Some 13,871 jobs are expected to be generated by these investments. The most significant source of foreign investments for this period is Switzerland, with projects amounting to P62.89 billion, followed by the Netherlands at P39.33 billion, Singapore at P6.07 billion, China at P1.53 billion, Taiwan at P1.28 billion, and the United States at P953 million.
"We are indeed making it happen in the Philippines. The BOI and other IPAs remain committed to generating more investments and maintaining the FDI growth momentum through ongoing economic reforms and proactive investment promotion," Trade Secretary and BOI Chairman Alfredo Pascual said.
In terms of sectors, most of the projects are in renewable energy at PHP607.47 billion.
This is followed by agriculture, forestry, and fishing, with approved investments amounting to P9.56 billion, real estate at P8.17 billion, transportation and storage at P4.61 billion, and manufacturing at P4.36 billion.
The top five destinations for these investments are Calabarzon, with P538.52 billion, followed by the Ilocos Region, at P28.49 billion, Central Luzon, at P24.42 billion, the Bicol Region, at P13.28 billion, and Western Visayas, at P8.54 billion.
"With a favorable business environment and strong investor confidence, the Philippines is well-positioned to enhance its competitiveness further and achieve sustainable economic development," Pascual said.