The Market Monitor Minding the Nation's Business
The Department of Trade and Industry (DTI) recently announced that approved investments under the administration of President Ferdinand R. Marcos Jr. have exceeded the target set for 2024.
According to the DTI, the Board of Investments (BOI) approved P1.62 trillion worth of investments, surpassing the P1.5 trillion target and marking a significant increase from the P1.26 trillion recorded in 2023.
The energy sector, particularly renewable energy projects, contributed the largest share, with approvals totaling P1.38 trillion—representing a 40% year-on-year growth. Other sectors that saw notable increases included air and water transport, real estate (mass housing), manufacturing, water supply, sewerage, waste management, and remediation activities.
The Philippine Economic Zone Authority (PEZA) also reported surpassing its annual target, with approved investments amounting to P214.17 billion, exceeding the P200 billion goal.
Trade Secretary Cristina Roque highlighted the positive impact of these investments on the country’s economy, emphasizing their role in job creation, innovation, and sustainable growth. She stated that the Philippines is laying the groundwork for inclusive economic progress by focusing on international trade and forward-thinking policies.
“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 the agencies did not directly attribute these results to President Marcos’ foreign trips, they acknowledged the significant contributions of these visits, along with other promotional efforts by investment promotion agencies, in driving actual registrations and projects.
Trade officials noted that the Philippines, previously trailing behind Thailand and Malaysia in investment inflows, has shown remarkable progress, particularly in the first three quarters of 2024.
Key drivers of this success included aggressive promotional campaigns overseas and policy reforms initiated by the administration. These include changes to renewable energy policies introduced in November 2022 and the implementation of the Executive Order on Green Lanes.