Investment promotion agencies (IPAs) under the Department of Trade and Industry (DTI) recorded over PHP2.73 trillion worth of projects from July 2022 to May 2024.
The 1,090 projects, registered with the Board of Investments (BOI) and Philippine Economic Zone Authority (PEZA), are expected to generate around 182,000 jobs.
DTI Secretary Alfredo Pascual highlighted that policy reforms, such as allowing 100 percent foreign ownership in renewable energy (RE) projects, have boosted investment approvals.
President Marcos’ overseas trips and the creation of the One-Stop Action Center for Strategic Investments (OSAC-SI) have also promoted the Philippines as an investment destination.
As of June 2024, DTI has 231 investment leads valued at USD76.6 billion, with 20 projects already operating, including a PHP12.8-billion cement facility in Cebu.
Source: PhilNews24 | July 22, 2024
