MANILA, Dec. 31 (Xinhua) -- The Philippines' approved investments in 2024 amounted to 1.62 trillion pesos (28 billion U.S. dollars), the country's Presidential Communications Office (PCO) said Tuesday.

Citing data from the Board of Investments (BOI) of the Department of Trade and Industry, the PCO said the value of approved investments this year exceeded the government target of 1.5 trillion pesos (25.9 billion dollars).

The PCO said the full-year 2024 approved investments are higher than the 1.26 trillion pesos (21.8 billion dollars) approved investments in 2023.

The data showed the energy sector, specifically the renewable energy projects, recorded the biggest surge in approvals, totaling 1.38 trillion pesos (23.8 billion dollars), 40 percent higher than last year. Enditem

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