Renewable energy dominates the Philippine investment landscape in 2024, securing ₱1.3 trillion, or 68%, of the total ₱1.9 trillion in approved investments.
The Board of Investments (BOI) said this record-breaking achievement highlights the Marcos Jr. administration’s successful push to position the Philippines as a leading investment destination, with overall investment figures surpassing 2023 numbers by more than 29%.
The emerging trend is: Filipino-owned projects secure foreign partnerships thus ensuring sustained industry development and greater global integration.
For example, Terra Solar of MGen (Meralco), the second-largest RE project registered in 2024, began as a fully Filipino-owned entity but is now 40% owned by UK-based ACTIS. Similarly, SunAsia Energy, originally 100% Filipino, has received backing from Australian firm Macquarie, with five projects in Laguna Lake involving foreign ownership. Tera Renewables, initially a Filipino company, is now supported by U.S.-based investment giant BlackRock.
According to a BOI news release, domestic investments more than doubled from ₱578 billion in 2023 to ₱1.35 trillion, while foreign investments accounted for ₱544 billion.
Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick D. Go emphasized the broader economic impact, noting these investments are expected to generate over 130,000 jobs, according to data from various investment promotion agencies.
“This unprecedented performance shows growing investor confidence in the Philippines and the success of the administration’s investment and economic policies,” said SAPIEA Go.
“We are optimistic that these approved projects will translate into tangible economic benefits, including more and better job opportunities for Filipinos, and pave the way for sustainable, investment-led growth,” he added.
Key contributors to this milestone are BOI, Philippine Economic Zone Authority (PEZA), Clark Development Corporation (CDC), and Bases Conversion and Development Authority (BCDA).
Trade Undersecretary Perry Rodolfo noted the importance of both the scale and the nature of the investments.
“The projects approved focus on sectors that will modernize and transform the Philippine economy—such as renewable energy, telecom infrastructure, innovation-driven light manufacturing, and integrated tech-enabled agriculture,” Rodolfo said.
Aside from renewable energy, other sectors like manufacturing (₱144 billion), real estate (₱138 billion), transportation and storage (₱131 billion), and electricity, gas, steam, and air conditioning supply (₱79 billion) also attracted significant investments.
Switzerland, South Korea, the Netherlands, Japan, and Singapore emerged as the top foreign investors.
The BOI said that as the Philippines continues its upward investment trajectory, these developments reflect the growing appeal of the country to global capital. The evolving ownership landscape signals a maturing investment climate, fostering strong local participation while leveraging international partnerships to drive long-term, sustainable growth.
