MANILA -- The Department of Trade and Industry (DTI) said it exceeded its investment targets for the Philippines in 2024.

In a statement, the DTI said the Board of Investments (BOI) approved investments amounting to P1.62 trillion, surpassing the P1.26 trillion approved in 2023. This also exceeds the agency's own P1.5 trillion target it set for itself.

Meanwhile, the Philippine Economic Zone Authority (PEZA) approved P214.17 billion in investments, exceeding its P200 billion target for the year.

Foreign direct investments up in July

Trade and Industry Acting Secretary Ma. Cristina Roque said the agency will continue to implement policies that attract investments in key industries, ensuring that the Philippines remains a prime destination for innovation and growth. 

PEZA approves more than P201 billion in investments from Jan-Nov

"Our commitment is to create an environment where businesses thrive, sustainability is prioritized, and economic opportunities benefit all Filipinos," she said. 

President Ferdinand Marcos Jr. in November signed into law the proposed amendments to the country's corporate taxes and incentives law which are expected to boost the country as an investment destination.

Marcos signing of CREATE MORE Act expected to boost investments

The Philippines has been chosen as one of the 50 economies to participate in the World Bank’s new Business Ready Report.

ARTA: PH among pilot economies for new World Bank business report