The Department of Trade and Industry (DTI) said approved investments already surpassed the 2024 target.
In a statement on Thursday, DTI said investments approved by the Board of Investments (BOI) amounted to PHP1.62 trillion, surpassing the PHP1.5 trillion target.
It was also higher than the PHP1.26 trillion approved investments in 2023.
In a separate statement, the BOI said energy sector, specifically the renewable energy projects, recorded the biggest surge in approvals, totaling PHP1.38 trillion, up by 40 percent year-on-year.
Other sectors which recorded the biggest increase include air and water transport at PHP121.20 billion; real estate activities (mass housing) at PHP37.26 billion; manufacturing at PHP31.67 billion; water supply, sewerage, waste management, and remediation activities at PHP16.28 billion; agriculture, forestry, and fishing at PHP11.02 billion; wholesale and retail at PHP8.25 billion; and information technology-business process management at PHP7.34 billion.
The Philippine Economic Zone Authority (PEZA), meanwhile, approved PHP214.17 billion in investments, surpassing the PHP200 billion target for the year.
“We are pleased to report significant progress in attracting investments this year. These investments will fuel job creation, drive innovation, and foster dynamic economic progress. By focusing on international trade, we are laying the foundation for sustainable and inclusive economic growth,” Trade Secretary Cristina Roque said.
“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 vowed that the DTI is committed to creating an environment where businesses thrive, sustainability is prioritized, and economic opportunities benefit all Filipinos. (PNA)
