APPROVED capital outlays in January and February totaled P47 billion, the Board of Investments said on Sunday.
Foreign investments alone surged by 943.4 percent to P3.1 billion in the first two months of the year, up from P0.3 billion in the same period last year.
Investments in the energy sector, including renewable energy, reached P22.4 billion or 47.7 percent of total approvals.
Rounding out the top five were accommodation and food service activities (P7.6 billion, 16.1 percent); real estate activities/mass housing (P6.4 billion, 13.7 percent); manufacturing (P5.3 billion, 11.4 percent); and transportation and storage ports (P3 billion, 6.4 percent).
“The increase in BOI-approved projects reflects growing investor confidence in the Philippines and continued inflow of high-value investments that support our economic priorities. Notably, the significant investments in renewable energy will play a crucial role in strengthening our energy security amid current challenges, while accelerating the country’s transition to a more sustainable and resilient energy future,” Trade Secretary and BOI Chairman Cristina Roque said.
Singapore emerged as top foreign investor with P1.8 billion or 55.2 percent of the total, with Singaporean-owned Intramuros Solar Energy Corp. accounting for P1.7 billion.
China was second with P0.5 billion or 16.8 percent; Canada, Australia, and the United States each contributed P0.2 billion, or 6.5, 6.3, and 5 percent, respectively.
Region 3 (Central Luzon) received the largest share of approved investments with P21.5 billion, including a P16.4 billion solar power project by Cleanenergy 2 Power Inc.
Region 7 (Central Visayas) got P8.2 billion; the National Capital Region (NCR), P4.5 billion; Region 1 (Ilocos), P3.7 billion; and Region 4B (Mimaropa) P2.9 billion.
In February alone, the BOI greenlit 21 projects worth P36.5 billion, up by 27.2 percent from P28.7 billion in the same month last year.
In terms of domestic distribution of investments, Central Luzon accounted for the largest share at 21.5 billion, followed by NCR (P4.2 billion), and Ilocos (P3.5 billion).