Investments for projects approved by the country’s leading investment promotion agencies (IPAs) reached a record-high of ₱1.9 trillion in 2024, reflecting the Philippines’ status as a rising investment destination.
The total registered investments last year exceeded 2023 figures by over 29 percent, with domestic investments surging from ₱578 billion to ₱1.35 trillion.
Meanwhile, foreign investments accounted for ₱544 billion or about 29 percent of the total.
Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go attributed last year’s performance to the growing investor confidence in the Philippines.
He said the Marcos administration’s investment and economic policies have yielded these unprecedented results.
“We are optimistic that these approved projects will translate into tangible economic benefits in the coming years, including the creation of more and better job opportunities for Filipinos, and paving the way for sustainable, investment-led growth,” said Go in a statement.
Go is expecting these investments to generate as much as 130,000 jobs.
A significant contributor to the record-high investments in 2024 is the strong performance of the country’s IPAs, including the Board of Investments (BOI), Philippine Economic Zone Authority (PEZA), Clark Development Corporation (CDC), and Bases Conversion and Development Authority (BCDA).
The BOI, the country’s lead investment promotion agency, accounts for the bulk of the record with its approval of ₱1.62 trillion in investments last year—the highest in the agency’s 57-year history.
Apart from its massive scale, BOI Undersecretary Perry Rodolfo said the investments they approved last year are equally vital due to the variety it provides across various sectors.
“These ventures focus on sectors that will modernize and structurally transform the Philippine economy—such as renewable energy, telecom infrastructure, innovation-driven light manufacturing, and integrated tech-enabled agriculture,” said Rodolfo.
The renewable energy (RE) sector leads all investment categories with a total of ₱1.30 trillion.
This is followed by manufacturing with ₱144 billion, real estate with ₱138 billion, transportation and storage with ₱131 billion, and electricity, gas, steam, and air conditioning supply with ₱79 billion.
The BOI cited Switzerland, South Korea, the Netherlands, Japan, and Singapore as the top foreign investors the RE sector.
The agency noted that as investments rolled in comes the evolution of investment dynamics, wherein foreign investors are now playing a more crucial role in fostering strategic partnerships and long-term industry growth.
A growing trend, in particular, is when projects are initially registered as fully Filipino-owned entities before securing strategic foreign partnerships.
According to the BOI, this investment structure guarantees sustained industry growth and greater global integration, such as the case of Terra Solar of MGen, a subsidiary of Meralco, which is now 40 percent owned by UK-based investment firm ACTIS.
“As the Philippines continues on its upward investment trajectory, the evolving ownership landscape in key sectors highlights the country’s adaptability and growing attractiveness to global capital,” the BOI stated.
“These developments signal a maturing investment climate—one that fosters strong local participation while leveraging strategic international partnerships to drive sustainable, long-term economic growth,” it added.