Investment approvals by the Board of Investments (BOI) have increased by 14 percent in the first five months of the year, with the majority of investments coming from domestic firms. According to the BOI, a total of P640.22 billion in investments were approved from January to May, surpassing last year’s P562.90 billion. This figure marks the highest amount ever approved by the BOI in its 57-year history.
Trade Secretary Alfredo Pascual attributed the increase in approved investments to sustained investor confidence in the Philippines and its skilled workforce. These investments are expected to create 13,871 job opportunities for Filipinos.
Domestic sources accounted for P525.85 billion of the total approved investments, while foreign investments amounted to P114.37 billion. Switzerland was the largest foreign investor during this period, contributing P62.89 billion, followed by the Netherlands, Singapore, China, Taiwan, and the US.
In terms of investment destination, Calabarzon received the highest amount of investments at P538.52 billion, followed by the Ilocos Region, Central Luzon, the Bicol Region, and Western Visayas.
The renewable energy and power sector received the largest share of investments in the first five months, totaling P607.47 billion. Other sectors that attracted notable investments include agriculture, forestry, fishing, real estate, transportation, storage, manufacturing, and financial and insurance activities.
Pascual emphasized the commitment of the BOI and other investment promotion agencies to attract more investments and sustain growth in foreign direct investments through economic reforms and proactive investment promotion efforts. He believes that with a favorable business environment and strong investor confidence, the Philippines is well-positioned for further economic development and increased competitiveness.
