DTI-BOI Logs PHP640.22 Billion Investments Approval In First 5 Months Of 2024

The Department of Trade and Industry’s Board of Investments (BOI) logged a total of PHP640.22 billion worth of approved investments from January to May 2024, marking a 14% year-on-year increase from the PHP562.90 billion reported in the same period last year.

Foreign investments approved by the BOI amounted to PHP114.37 billion for the period of January to May 2024. I Photo: Presidential Communications Office

This is the highest first five-month approval in the BOI’s 57-year history, the agency noted.

DTI Secretary and BOI Chairman Alfredo Pascual said that for the period of January to May 2024, foreign investments approved by the BOI amounted to PHP114.37 billion, while domestic investments totaled PHP525.85 billion, with at least 13,871 jobs for Filipinos expected to be created.

Based on BOI’s data, Switzerland emerged as the leading source of foreign investments, contributing PHP62.89 billion, followed by the Netherlands (PHP39.33 billion), Singapore (PHP6.07 billion), China (PHP1.53 billion), Taiwan (PHP1.28 billion), and the USA (PHP953 million).

Among domestic investment destinations, the top five regions included CALABARZON (Region IV-A) with PHP538.52 billion, followed by the Ilocos Region at PHP28.49 billion, Central Luzon at PHP24.42 billion, the Bicol Region with PHP13.28 billion, and Western Visayas at PHP8.54 billion.

Pascual pointed out that the Renewable Energy and Power sector continues to dominate the investment approvals landscape, with a total of PHP607.47 billion in investments, marking a significant 20.73% increase from the previous year’s PHP503.18 billion.

The Agriculture, Forestry, and Fishing sector also showed robust growth, with approved investments amounting to PHP9.56 billion, while the Real Estate sector contributed PHP8.17 billion in approved investments.

Meanwhile, approved investments in the Transportation and Storage sector were recorded at PHP4.61 billion, while the Manufacturing sector attracted PHP4.36 billion, and the Financial and Insurance Activities sector recorded PHP227.95 million.

Pascual emphasized, “The BOI, together with other investments promotion agencies, remains committed to generating more investments and maintaining the FDI growth momentum through ongoing economic reforms and proactive investment promotion. With a favorable business environment and strong investor confidence, the Philippines is well-positioned to further enhance its competitiveness and achieve sustainable economic development.”