MANILA, Dec. 20 (Xinhua) -- The Philippine Board of Investments (BOI) said it has approved 1.62 trillion pesos (roughly 27.4 billion U.S. dollars) worth of investments as of Tuesday, the highest level of investment approvals in the BOI's 57-year history.

This year's approvals reflected a 28-percent growth compared to that in the same period of 2023, the BOI, the lead investment promotion agency of the Department of Trade and Industry, said on Thursday in a statement.

The agency said the energy sector, specifically renewable energy projects, led the surge in approvals, totaling 1.38 trillion pesos (about 23.37 billion dollars), a 40 percent year-on-year increase.

Other leading sectors included air and water transport, real estate activities (mass housing), and manufacturing, it added.

Foreign investments constituted a substantial portion of the approved projects, amounting to 383.31 billion pesos (about 6.5 billion dollars), the BOI said.

Switzerland, followed by the Netherlands and Japan, led the foreign investors, contributing 289.06 billion pesos (4.89 billion dollars) in the approved investments.

The agency said local investments have seen a 150 percent uptick, with Filipino companies contributing 1.23 trillion pesos (about 20.83 billion dollars) worth of investments. Enditem

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