MANILA -- Investments in the Philippines approved by the country's Bureau of Investments have reached a P1.9 trillion all-time high.

In a statement, the bureau said investments exceeded 2023 levels by 29 percent. Domestic investments more than doubled to P1.35 trillion from P578 billion, while foreign investments amounted to P544 billion.

Special Assistant to the President for Investment and Economic Affairs Frederick Go said the investments are expected to create more than 130,000 jobs.

"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,” he said.

The agency said most of the investments were in renewable energy. Investments in this sector were at P1.30 trillion. 

The manufacturing (P144 billion), real estate (P138 billion), transportation and storage (P131 billion), and electricity, gas, steam, and air conditioning supply (P79 billion) sectors also saw large amounts of investments.

Switzerland, South Korea, the Netherlands, Japan, and Singapore were the top foreign investors last year.

Foreign direct investments climb in October

The Philippines has been a laggard compared to its neighbors in the region when it comes to attracting foreign investments. Vietnam, Malaysia and Thailand have all recently announced attracting huge investments from Silicon Valley tech giants.

The government has been hoping though that with new laws meant to further open up the economy to outside capital, the country can catch up with its peers in ASEAN.

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