The Department of Trade and Industry (DTI) expects the record-breaking investments to fuel economic growth in 2024 and beyond.
“We are optimistic we will continue to generate more investments, moving forward in 2024, having reached record levels in 2023,” Trade Secretary Alfredo Pascual said.
Investment approvals are expected to reach P1.5 trillion ($27 billion) this year, exceeding the original target of P1 trillion. Foreign investment approvals surged 567 percent compared to 2022, while domestic investments grew by 149 percent.
The renewable energy and power sector led the charge, attracting P899.79 billion ($16.4 billion) in investments in the first 10 months. Other priority sectors such as electric vehicles, smart lighting manufacturing, green metals and information technology also saw significant inflows.
Protecting consumers
Despite the investment boom, the DTI remains focused on protecting consumers from rising prices of basic necessities and prime commodities (BNPCs). The agency deferred price adjustments for BNPCs listed in the suggested retail price (SRP) bulletin, even as manufacturers petitioned for increases.
“More than 20 companies have pending petitions for price increases for foods like milk, sardines, bread, canned meat, coffee, instant noodles and bath soaps,” the DTI’s Consumer Protection Group (CPG) said.
The CPG said it continues to monitor prices of regulated products and collaborate with stakeholders to ensure compliance with seasonal price guides for school supplies and the upcoming Christmas season.