Philippines: 130,000 jobs seen on $34.55 billion investment pledges
Philippines on track to hit upper middle-income country status if key targets are met
Manila: The Philippines is experiencing an investment surge like never before, with Php 1.9 trillion ($34.55 billion) in approved investment pledges for 2024 — the highest in history.
This 29 per cent jump from 2023 is expected to generate over 130,000 jobs, marking a major milestone in the country’s economic transformation.
Investor confidence soars
The Board of Investments (BOI) credits the Marcos administration’s aggressive push to position the Asian nation as a premier investment hub, especially for stratregic industries, including renewables and electronics manufacturing.
Frederick Go, Special Assistant to the President for Investment and Economic Affairs (SAPIEA), said these investments will fuel economic expansion and job creation.
“This unprecedented performance reflects the growing investor confidence in the country and the success of our economic policies,” Go said. “These projects will translate into more jobs and long-term, investment-driven growth.”
Where are the investments coming from
Domestic investments: Php 1.35 trillion ($23.3 billion), a huge jump from Php578 billion in 2023)
Foreign investment pledges: Php 544 billion ($9.4 billion)
Top foreign investors: Switzerland, South Korea, the Netherlands, Japan, and Singapore
Strategic sectors
BOI Undersecretary Ceferino Rodolfo highlighted that these investments focus on key transformational industries:
Renewable energy: Php 1.30 trillion
Manufacturing: Php 144 billion
Real estate: Php 138 billion
Transportation and storage: Php 131 billion
Electricity, gas, and utilities: Php 79 billion
“These projects are not just about numbers—they are modernizing the Philippine economy,” Rodolfo said. “From tech-driven agriculture to sustainable energy, these investments will reshape industries and create high-value jobs.”
New era of growth
With this record-breaking investment influx, the government is optimistic that 2024 will pave the way for a stronger, investment-led Philippine economy.
The challenge now?
Ensuring these pledges materialize into real opportunities for Filipinos.
The country posted a new record-high GNI per capita of $4,230 in 2023. and has been one of the most dynamic economies in the East Asia and Pacific region.
This economic dynamism reflects increasing urbanisation, a large and young population, and strong consumer demand, supported by a vibrant labour market and robust remittances, which have raised the incomes of the most vulnerable, according to a World Bank report.
In 2025, the Philippines is on track to become an upper middle-income country if key targets are met, according to the bank.
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