APPROVED investment pledges have already surpassed the 2023 total, the Board of Investments (BoI) said on Monday, reaching P1.35 trillion as of mid-September. This was higher than 2023's full-year tally of P1.26 trillion and also close to double the P741.98 billion approved in the same month last year. The energy sector continued to account for the bulk of investment approvals with a share of around 95 percent or P1.29 trillion. Most projects involve renewable energy, the BoI said. Other top sectors were real estate activities and mass housing (P20.28 billion); manufacturing (P12.13 billion); agriculture, forestry and fishing (P10.05 billion); and administrative and support services (P5.46 billion). "These investments are critical to strengthening the Philippines' economic foundation," Trade Undersecretary and BoI managing head Ceferino Rodolfo said. "The focus on renewable energy and manufacturing is helping drive sustainable growth, creating thousands of jobs, and improving the quality of life for Filipinos," he added. "The keen investment interest from both local and foreign investors will propel long-term economic progress and position the country as a global leader in strategic investments." Local companies remained the top source of investments, accounting for P1.01 trillion of total approved pledges. This was a 221 percent increase from the same period in the previous year. Foreign investments, meanwhile, constituted P341.78 billion. The Calabarzon Region was the favored destination of local investments (P602.63 billion), followed by Central Luzon (P258.68 billion), Western Visayas (P238.88 billion), Bicol (P142.87 billion) and Ilocos (P62.68 billion). Leading foreign investors were Switzerland (P286.77 billion), the Netherlands (P39.58 billion) and Singapore (P6.18 billion). The United States and Taiwan rounded out the top five with P1.68 billion and P1.30 billion, respectively. "This accomplishment highlights both our agency's unwavering commitment to nurturing a thriving investment landscape and in harnessing our country's potential to be the prime investment destination for smart and sustainable manufacturing and services," Rodolfo said. The trade official has said that this year's investment target could be raised to P1.6 trillion from P1.5 trillion given a record first half and other positive developments.
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