The renewable energy sector accounted for the bulk or P1.3 trillion out of the total P1.9 trillion investment pledges registered by various investment promotion agencies (IPAs) of the Philippine government in 2024, based on a report by the Board of Investments.
In contrast, the manufacturing sector attracted P144 billion only in investment pledges, followed by real estate with P138 billion. The transportation and storage received investment commitments of P131 billion, while electricity, gas, steam, and air conditioning supply got P79 billion. The biggest foreign investors by nationalities in 2024 were Switzerland, South Korea, The Netherlands, Japan, and Singapore.
The report also noted of evolving investment dynamics, particularly in high-impact sectors such as RE, where foreign investments are playing a crucial role in fostering strategic partnerships and long-term industry growth.
For instance, the BOI said that a growing trend in the renewable energy sector involves projects initially registered as fully Filipino-owned entities before securing strategic foreign partnerships. This flexible investment structure ensures sustained industry growth and greater global integration.
An example is Terra Solar of MGen (Meralco), the second-largest RE project registered in 2024. Originally listed as a fully Filipino-owned entity, it is now 40% owned by UK-based investment firm ACTIS. Similarly, SunAsia Energy, recorded as a 100% Filipino company under SunAsia Group, has backing from Australian giant Macquarie, with its five project vehicles in Laguna Lake set to include foreign ownership. Likewise, Tera Renewables, initially a Filipino entity, is fundamentally supported by BlackRock, a major U.S.-based investment firm.
Meanwhile, the BOI said the total investment approvals in 2024 exceeded 2023 figures by over 29%. Domestic investment approvals more than doubled, surging from PhP578 billion to PhP1.35 trillion, while foreign investments accounted for PhP544 billion, representing 29% of the total.
Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick D. Go emphasized the broader economic impact of these investments, noting that they are expected to generate over 130,000 jobs. He attributed these figures to data consolidated from various IPAs.
“This unprecedented performance shows growing investor confidence in the Philippines and the success of the administration’s investment and economic policies. We are optimistic that these approved projects will translate into tangible economic benefits in the coming years, including the creation of more and better job opportunities for Filipinos, and paving the way for sustainable, investment-led growth,” SAPIEA Go stated.
A significant contributor to this record-breaking achievement has been the strong performance of the country’s leading IPAs, including the Board of Investments (BOI), Philippine Economic Zone Authority (PEZA), Clark Development Corporation (CDC), and Bases Conversion and Development Authority (BCDA).
BOI Undersecretary Ceferino Rodolfo underscored the importance of not just the scale but also the nature of these investments. “Equally important as the level of investments are the types of projects approved. These ventures focus on sectors that will modernize and structurally transform the Philippine economy—such as renewable energy, telecom infrastructure, innovation-driven light manufacturing, and integrated tech-enabled agriculture. These reflect the priority areas for investment being actively promoted by Secretary Go and Secretary Roque,” he noted.
