Philippines: 130,000 jobs seen on $34.55 billion investment pledges
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 Philippines as a premier investment hub.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Filipino Times
4 hours ago
- Filipino Times
Officials of newly reorganized PFRESPI take oath at Philippine Embassy in Riyadh
The Philippine Federation of Real Estate Service Professionals, Inc. (PFRESPI) in Saudi Arabia officially marked a significant milestone with the completion of its organizational restructuring, strengthening its role as the unified body representing licensed Real Estate Service Professionals both in the Philippines and overseas. The new officials took oath at the Philippine Embassy in Riyadh and was received by His Excellency Raymond Balatbat, Philippine Ambassador to the Kingdom of Saudi Arabia, formally acknowledging their leadership and commitment to ethical and lawful professional practice. This reorganization aligns with the Real Estate Service Act (R.A. 9646), which regulates real estate practice in the Philippines, and Executive Order No. 835, which recognizes the qualifications of overseas Filipino professionals. Empowered real estate practitioners Ma. Renet Victoria S. Novisteros, PFRESPI Ambassador and SPLE Director, shared her vision of building a global network of empowered OFW real estate practitioners who are protected from unlicensed dealings and acknowledged for their expertise. She emphasized the federation's mission to protect OFWs from fraudulent and 'colorum' transactions, recognize and accredit their academic and overseas experience for Philippine credentials, and promote ethical practice through transparency, fairness, and integrity. Here are the newly sworn officials of PFRESPI officials and SPLE Working Committee: PFRESPI Leadership Ma. Renet Victoria S. Novisteros, MMREM, MBA, REA, REB – Ambassador & SPLE Director Arch. Eldrid Refil, UAP – Advisor, SPLE Working Committee Engr. Artemio N. Dy, APEC, ACPE, AER, PECE – Local Government Relations Affairs Engr. Leo R. Argoso Jr., MBA, AER, ECE, ECT – International Government Relations Affairs SPLE Working Committee members: Mr. Ric J. Novisteros, RPh Arch. Raul Panelo, UAP Engr. Joel Morfe, RMP Mrs. Rose Panelo Engr. Cyrus Christian Aguilar, MBA, ECT, AER, MEM The PFRESPI is also an accredited Training Provider in real estate services (Accreditation No. 2022-038), enabling it to accommodate all the real estate practitioners and provide them professional development and training programs. In line with its renewed leadership, PFRESPI issued a Manifestation of Truth, publicly affirming the legitimacy of its governance, adherence to regulatory mandates, and commitment to safeguarding the public interest. With the Philippine Embassy's formal recognition, PFRESPI strengthens its role as a guardian of professional standards and an advocate for OFW welfare, promoting lawful, ethical, and globally competitive real estate services.
Filipino Times
a day ago
- Filipino Times
Philippine envoys join ILO in talks to boost Saudi labor market reforms
Philippine Ambassador Raymond Balatbat met with senior officials from the International Labour Organization (ILO) on Aug. 12 to discuss strategies aimed at improving Saudi Arabia's labor market. He was joined by Labor Attaché Atty. Dominador Salanga of the Migrant Workers Office–Riyadh and First Secretary and Consul Dean Jason Arriola. The ILO delegation was led by Deputy Regional Director Peter Rademaker. The talks followed the recent signing of a cooperation agreement between the ILO and the Saudi Ministry of Human Resources and Social Development. Both sides outlined measures to strengthen labor policies in the Kingdom, with a focus on fair recruitment practices, enhanced market data, and improved protection for workers. Filipinos, one of the largest expatriate groups in Saudi Arabia, are seen as a key stakeholder in the initiative. The ILO aims to create a comprehensive baseline of the Saudi labor market to guide future reforms that will benefit both employers and migrant workers. The meeting underscored the Philippines' active role in shaping labor reforms in Saudi Arabia and its commitment to safeguarding the rights and welfare of overseas Filipino workers. Officials expressed optimism that the collaboration would lead to concrete improvements in labor standards across the Kingdom.
Filipino Times
a day ago
- Filipino Times
PH to open Migrant Workers Office in Nigeria to support OFWs across Africa
The Philippines plans to open a Migrant Workers Office (MWO) in Abuja to provide greater protection and assistance to overseas Filipino workers (OFWs) in Nigeria and 12 other West and Central African countries. The initiative aligns with President Ferdinand Marcos Jr.'s directive to safeguard the rights and welfare of Filipinos working abroad, officials said. Migrant Workers Secretary Hans Leo Cacdac, Philippine Ambassador to Nigeria Mersole Mellejor, and other DMW officials met with Nigeria's Foreign Minister Yusuf Tuggar and Labor Minister Muhammad Maigadi Dingyadi to discuss labor cooperation, protection measures, and potential job opportunities. Cacdac thanked Nigeria for hosting more than 6,000 OFWs and highlighted prospects for collaboration in business process outsourcing, migration support, and skilled labor deployment. Foreign Minister Tuggar recalled the contributions of Filipino teachers in Nigeria during the 1970s and cited opportunities for Filipino professionals in sectors such as electricity, solar energy, and emerging industries. Labor Minister Dingyadi expressed support for establishing the labor office and said Nigeria is ready to explore a bilateral labor agreement. Officials said Nigeria's growing infrastructure, construction, agribusiness, and services sectors present potential employment opportunities for skilled and semi-skilled Filipino workers. The planned Abuja MWO will act as a frontline office for OFWs in the region, enabling faster responses to labor concerns, providing legal and welfare aid, and improving coordination with host governments and employers.
