DTI Logs PHP2.7 Trillion in Investment Projects Under Marcos Administration

MANILA — The Department of Trade and Industry (DTI) has recorded over PHP2.73 trillion in investment pledges through its attached Investment Promotion Agencies (IPAs) from July 2022 to May 2024. This substantial economic activity spans 1,090 projects and is poised to create around 182,000 jobs in the Philippines.

According to Philippines News Agency, the Board of Investments (BOI) registered 658 projects valued at PHP2.4 trillion, while the Philippine Economic Zone Authority (PEZA) approved 432 projects worth PHP331 billion. Pascual highlighted a policy reform by President Ferdinand R. Marcos Jr., permitting 100-percent foreign ownership in renewable energy projects, which significantly contributed to these investment approvals over the past two years.

In 2023 alone, the BOI recorded PHP986.14 billion in renewable energy investments, dominated by offshore wind projects. Additionally, BOI noted a remarkable increase in agribusiness investments, which surged to PHP29.15 billion, a 342 percent rise from the previous year, aligning with President Marcos’ focus on food security.

Pascual also mentioned the success of the foreign trips and investment missions led by the DTI, which have been instrumental in attracting these investments. He credited the CREATE MORE bill, aimed at improving the Corporate Recovery and Tax Incentives for Enterprises Act, and the establishment of a ‘green lane’ for strategic investments through Executive Order 18 for further boosting investor confidence.

Furthermore, Pascual revealed the ongoing development of a pipeline of investment projects, including public-private partnerships, with a total value of USD76.6 billion. As of June 2024, there were 231 investment leads in the DTI, with 20 projects already operational, totaling USD1.26 billion in investments.