MANILA (XINHUA) – The approved investment projects in 2023 amounted to PHP1.26 trillion (USD22.5 billion) in 2023, 73 per cent higher than in 2022, Philippine Department of Finance (DOF) said yesterday.
Citing an updated report of Board of Investments (BOI), the DOF said in a press release that the approved investments comprised 311 projects, mainly on renewable energy, telecommunication infrastructure, and the export of copper, gold, and other metals. These projects would produce over 49,000 jobs if fully operational.
The renewable energy and power sector emerged as the top-performing sector with PHP987.12 billion (USD17.7 billion), a 141-per-cent surge from 2022, the BOI added.
The information and communication sector came second, securing a total of PHP96.04 billion (USD1.7 billion), followed by mining, manufacturing, and infrastructure.
Foreign investment approvals saw a 455-per-cent spike with PHP766.97 billion (USD13.7 billion) compared to 2022, with Germany as the top source of foreign investments, followed by the Netherlands, Singapore, and the United States.
