Philippines approves 10.8 bln USD worth of investments in January-May-Xinhua

Philippines approves 10.8 bln USD worth of investments in January-May

Source: Xinhua

Editor: huaxia

2024-06-20 22:23:00

MANILA, June 20 (Xinhua) -- Government data showed that the Philippines approved 640.22 billion pesos (roughly 10.8 billion U.S. dollars) worth of investments from January to May this year, 14 percent higher than the approved investments in the same period last year.

According to data released Tuesday by the Department of Trade and Industry's Board of Investments (BOI), the value of investments in the first five months of this year was the highest in the BOI's 57-year history.

Key industries that attracted substantial investments involved renewable energy, information and communication, construction, real estate activities, and transportation and storage.

From January to May 2024, foreign investments approved by the BOI totaled 114.37 billion pesos (roughly 1.9 billion dollars), while domestic investments totaled 525.85 billion pesos (roughly 8.9 billion dollars).

The BOI said the continuous increase in investment approvals aligns with a surge in foreign direct investments (FDIs) for the first quarter of 2024, as the Bangko Sentral ng Pilipinas (BSP) recorded a 42.07 percent year-on-year increase in net inflows, reaching 2.97 billion dollars from January to March 2024.

According to the BSP, most of the first quarter's FDIs come from the Netherlands, Japan, Singapore, and the United States, consistent with foreign investment approvals in 2023.