Investment promotion agencies (IPAs) dominated the foreign direct investment pledges in the first quarter of the year, logged by the Philippine Statistics Authority (PSA), the Board of Investments (BoI) said Friday.

The BoI said approved investment inflows from IPAs reached P42.64 billion, a 52.31 percent increase from P27.99 billion compared to the same period last year.

Trade Undersecretary and BoI managing head Ceferino Rodolfo said the first-quarter performance signals sustained momentum for the rest of the year, reflecting both the resilience of the Philippine investment landscape and the impact of reforms and targeted promotion efforts.

“This strong first-quarter performance sets the tone for sustained foreign investment inflows in the months ahead, driven by ongoing reforms, improved ease of doing business, and proactive investment promotion,” Undersecretary Rodolfo said.

South Korea emerged as the Philippines’ top source of foreign investments, contributing P25.37 billion or 59.51 percent of total approvals during the period, trailed by Singapore and China with P3.18 billion and P2.54 billion, respectively.

Meanwhile, the total IPA-approved investments reached P125.95 billion in the first quarter, with domestic investments accounting for P83.31 billion, projected to generate 21,623 jobs for Filipinos, supporting employment creation and economic activity.

Among IPAs, the BoI remained the largest contributor to total approvals, registering P58.20 billion from 50 projects.

Of the total, P5.24 billion was foreign investments, while P52.96 billion was local investments, expected to generate 6,226 jobs.

Within BOI-approved foreign investments, Singapore led contributions with P2.97 billion, followed by China with P762.80 million and the United States with P489.35 million.

Other notable sources included the Netherlands and Canada.

South Korea also figured among BoI-approved investments, contributing to projects such as a 2.000 MWp / 1.600 MWac solar power project in Camotes Island, Cebu, with total project costs of P93.95 million.

For her part, Trade Secretary and BoI chair, Cristina Roque, said the strong first-quarter performance demonstrates that the Philippines remains a compelling destination for foreign investments.

“Under the leadership of President Ferdinand R. Marcos Jr., reforms that improve the ease of doing business and strengthen the country’s competitiveness helped drive more than 50% increase in foreign investment approvals in the first quarter. With South Korea accounting for nearly 60% of total inflows, the results reflect the strength of our economic partnership and continued investor confidence in the Philippines as a destination for high-impact investments that generate jobs and support economic growth,” Secretary Roque said.

Investment approvals were largely driven by the energy sector (including renewable energy), which accounted for P29.58 billion or 23.48 percent of total investments.

This was followed by accommodation and food service activities at Php24.03 billion, manufacturing at P21.89 billion, and real estate activities at P20.72 billion.

Notably, investments in accommodation and food service activities surged by 917.7 percent, while arts, entertainment, and recreation posted growth of over 3,000 percent, indicating renewed investor interest in tourism-related and consumer-driven sectors.