The Department of Trade and Industry (DTI) announced that approved investments under President Ferdinand R. Marcos Jr.’s administration have surpassed the 2024 target.
According to the DTI, investments approved by the Board of Investments (BOI) reached P1.62 trillion, exceeding the P1.5 trillion target. This figure is also higher than the P1.26 trillion in approved investments for 2023.
The energy sector, particularly renewable energy projects, saw the largest increase, with approvals totaling P1.38 trillion, higher by 40% from the previous year.
Other sectors that experienced growth include air and water transport, mass housing, manufacturing, water supply, sewerage, waste management, and remediation activities.
Meanwhile, the Philippine Economic Zone Authority (PEZA) recorded P214.17 billion in approved investments, surpassing its P200 billion target for the year.
Trade Secretary Cristina Roque said these investments will drive job creation, innovation, and sustainable economic growth. Focusing on international trade is key to fostering inclusive development for the Philippines, she added.
“As we approach 2025, we are determined to build on this positive momentum. We will continue to refine and implement forward-looking policies that attract investments in these key industries, ensuring that the Philippines remains a prime destination for innovation and growth,” Roque also said.
While the DTI and BOI did not directly link the investment surge to President Ferdinand Marcos Jr’s foreign trips, officials noted that his diplomatic efforts and promotional activities abroad played a key role in attracting investors.
The Philippines, once lagging behind Southeast Asian neighbors like Thailand and Malaysia, has seen stronger investment figures in 2024, particularly in the first three quarters.
Among the policy reforms credited with driving investment are changes to renewable energy policies introduced by Marcos Jr. in November 2022, as well as the executive order on the Green Lane for faster investment approvals.
The PEZA also reported P2.84-billion in investments for March 2024, nearly half of which resulted from the President’s foreign trips, including those to Germany and the Czech Republic. With investments from these trips, PEZA projects it will easily meet its target for the year.IMT
