Investment approvals up 39 percent to PHP1.40 trillion as of end-October, DOF says

Investment approvals by the Philippines' three main investment promotion agencies reached PHP1.40 trillion as of the end of October, a 39 percent increase from the PHP1.01 trillion recorded last year, Finance Secretary Frederick Go said, according to Edge Davao, citing the Philippine News Agency.

Go, who also serves as the government's investment czar, presented the figures at a briefing on Thursday at the Department of Finance (DOF) office in Manila. The total covers approvals by the Board of Investments (BOI), the Philippine Economic Zone Authority (PEZA) and the Bases Conversion and Development Authority (BCDA).

The BOI accounted for the largest share, approving PHP942.86 billion in projects, up 22.34 percent from a year earlier.

PEZA approvals rose 76.56 percent to PHP309.63 billion, which Go said already surpassed the agency's target for the year.

The BCDA posted the sharpest growth among the three, with approvals of PHP145.46 billion, up 142.53 percent from last year.

Go attributed the increase to reforms and programs introduced by the administration of President Ferdinand R. Marcos Jr. since 2022. "These approvals are real gains, because every investment brings an entire ecosystem of employers, workers, suppliers, and service providers," he said.

He added that the investments would help businesses expand, support wages and generate government revenue to fund public services. The report did not break down the approvals by region.