The administration of President Ferdinand Marcos Jr.’s strategic push to position the Philippines as a premier investment destination has yielded unprecedented results, with total approved investments reaching an all-time high of P1.9 trillion in 2024.

Total registered investments in 2024 exceeded 2023 figures by over 29 percent. Domestic investment approvals more than doubled, surging from P578 billion to P1.35 trillion, while foreign investments accounted for P544 billion, representing 29 percent of the total.

Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go emphasized the broader economic impact of these investments, noting that they are expected to generate over 130,000 jobs.

He attributed these figures to data consolidated from various Investment Promotion Agencies.

“This unprecedented performance shows growing investor confidence in the Philippines and the success of the administration’s investment and economic policies. 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,” Go stated.

Strong IPAs performance

A significant contributor to this record-breaking achievement has been the strong performance of the country’s leading IPAs, including the Board of Investments (BoI), Philippine Economic Zone Authority (PEZA), Clark Development Corporation (CDC) and Bases Conversion and Development Authority (BCDA).

BoI Undersecretary Perry Rodolfo underscored the importance of not just the scale but also the nature of these investments.

“Equally important as the level of investments are the types of projects approved. 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. These reflect the priority areas for investment being actively promoted by Secretary Go and Secretary Roque,” he noted.

The renewable energy sector led all investment categories, attracting P1.3 trillion, followed by manufacturing (P144 billion), real estate (P138 billion), transportation and storage (P131 billion), and electricity, gas, steam and air conditioning supply (P79 billion). Switzerland, South Korea, the Netherlands, Japan and Singapore emerged as the top foreign investors.

Investment dynamics are evolving, particularly in high-impact sectors such as renewable energy (RE), where foreign investments are playing a crucial role in fostering strategic partnerships and long-term industry growth.

A growing trend in the renewable energy sector involves projects initially registered as fully Filipino-owned entities before securing strategic foreign partnerships. This flexible investment structure ensures sustained industry growth and greater global integration.

‘This unprecedented performance shows growing investor confidence in the Philippines and the success of the administration’s investment and economic policies.’

An example is Terra Solar of MGen (Meralco), the second-largest RE project registered in 2024. Originally listed as a fully Filipino-owned entity, it is now 40 percent owned by UK-based investment firm ACTIS. Similarly, SunAsia Energy, recorded as a 100 percent Filipino company under SunAsia Group, has backing from Australian giant Macquarie, with its five project vehicles in Laguna Lake set to include foreign ownership. Likewise, Tera Renewables, initially a Filipino entity, is fundamentally supported by BlackRock, a major US-based investment firm.