MANILA, Dec. 27 (Xinhua) -- The Philippines has approved 1.16 trillion pesos (around 20.8 billion U.S. dollars) in investments in 2023, the highest in the last five decades, the Philippines' Board of Investments (BOI) reported on Wednesday.
The BOI, an attached agency of the Department of Trade and Industry (DTI), said foreign investment approvals increased 452 percent from 2022, and domestic investment approvals accounted for 34 percent of all authorized investments.
This year's investment approval came from 303 projects, which are expected to generate more than 47,000 jobs, mainly from renewable energy and power, information and communication, real estate, manufacturing, and infrastructure sectors.
The BOI said Germany emerged as the main source of foreign investment with a considerable contribution of 393.28 billion pesos (7 billion dollars), followed by the Netherlands, Singapore and the United States.
The BOI said the renewable energy and power industry continues to dominate the Philippine investment approval scene, with investments hitting 968.14 billion pesos (17.4 billion dollars). ■
