Philippines’ year-to-date investment approvals hit 24.2 bln USD

MANILA, Sept. 16 (Xinhua) — The Philippines approved 1.35 trillion pesos (about 24.2 billion U.S. dollars) worth of investments so far this year, an 82 percent increase from the same period last year, the Philippines’ Board of Investments (BOI) said Monday.
The BOI said that the rise was primarily driven by the energy sector, which accounted for 1.29 trillion pesos (23 billion dollars), followed by real estate and manufacturing.
The year-to-date approvals surpassed the 1.26 trillion pesos (22.59 billion dollars) full-year figure for 2023.
“We have identified key sectors — renewable energy, semiconductors and electronics, mining and mineral processing, food, and agriculture, pharmaceuticals, and steel — as essential drivers of the country’s growth,” Special Assistant to the President for Investments and Economic Affairs Frederick Go said.
Foreign investments accounted for 341.78 billion pesos (6 billion dollars), led by Switzerland which contributed 286.77 billion pesos (5 billion dollars). ■