2 days Ago
The Department of Trade and Industry (DTI) on Tuesday said that the approved investment commitments this year, through the Board of Investments (BOI), exceeded the target set by the Marcos administration. In a statement, the DTI reported that investment pledges approved by the BOI totaled P1.62 trillion, surpassing the P1.
5-trillion target for 2024. The amount is also higher than the P1.26-trillion worth of investments approved by the BOI last year.
The Trade Department said the energy sector, specifically the renewable energy projects, recorded the biggest surge in approvals, totaling P1.38 trillion, up 40% year-on-year. It added that 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 P214.17 billion in approved investment pledges, surpassing the P200 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,” added the Trade chief. “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,” said Roque.
—Ted Cordero/AOL, GMA Integrated News.
