The Department of Trade and Industry (DTI) reported this month that approved investments under the administration of President Ferdinand R. Marcos Jr. exceeded the target set for the 2024 target.
In a statement, the DTI said investments approved by the Board of Investments (BOI) amounted to PhP1.62 trillion, surpassing the PhP1.5 trillion target.
The figure is also higher than the PhP1.26 trillion approved investments in 2023.
The BOI said the 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, real estate activities (mass housing), manufacturing, water supply, sewerage, waste management, and remediation activities.
Meanwhile, the Philippine Economic Zone Authority (PEZA) recorded PhP214.17 billion in approved investments, surpassing the PhP200 billion target for the year.
Trade Secretary Cristina Roque said these investments will fuel job creation, drive innovation, and foster dynamic economic progress. By focusing on international trade, the country is laying the foundation for sustainable and inclusive economic growth, 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 said.
While those agencies did not say whether those approvals were a direct result of the foreign trips of President Marcos, notable achievements were recorded by the administration this year.
Trade officials said the foreign trips of President Marcos, aimed at encouraging investors abroad to come to the Philippines, along with other promotional efforts by investment promotion agencies, have resulted in actual registrations and projects.
They said the Philippines used to lag behind Thailand and Malaysia in terms of investments, but the current figures show, particularly in the first three quarters of 2024, the Philippines did better than its two Southeast Asian neighbors.
The major factors for such success include the administration’s aggressive promotional efforts overseas, as well as the policy reforms initiated by the Marcos government, which were laid out to investors.
They cited, for instance, the change in the renewable energy policies that the President instituted in November 2022, in addition to the Executive Order on Green Lane, among other reforms.