Philippines Sees $34.55 Billion in Investments, Creating 130,000 Jobs
The Philippines is headed towards becoming an upper middle-income country with its record Php 1.9 trillion ($34.55 billion) in commitments of investments in 2024, a 29% leap from last year. This rise is set to generate more than 130,000 jobs in support of economic growth and reform in the nation.
These significant increases in investment may be attributed to the many initiatives by the Marcos government in positioning the Philippines as a prime destination for both foreign and local investors, especially in priority areas such as renewables and electronics. Domestic investments totaled Php 1.35 trillion, equivalent to $23.3 billion while foreign investments totaled Php 549 billion equivalent to $9.4 billion with leading investors were from Switzerland, South Korea, the Netherlands, Japan, and Singapore.
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Principal sectors for these investments are renewable energy (Php 1.3 trillion), manufacturing (Php 144 billion), and real estate (Php 138 billion). They are supposed to transform the economy and develop high-value employment. The government hopes the investment growth will drive long-term sustainable economic development.
With the record-breaking boom, the Philippines is ready to solidify its economic position in the East Asia and Pacific region. If these goals are achieved, the nation is on target to be an upper middle-income country by 2025.
