Foreign investment pledges reach PHP148B in Q1 2024

By Anna Leah Gonzales

May 16, 2024, 2:55 pm

MANILA – Total approved foreign investment (FI) pledges amounted to PHP148.43 billion in the first quarter of the year, the Philippine Statistics Authority (PSA) said.

In a report released on Thursday, the PSA said these investments were pledges from Investment Promotion Agencies (IPAs) which include the Board of Investments (BOI), Clark Development Corporation (CDC), Cagayan Economic Zone Authority (CEZA), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA).

The PSA said Singapore was the biggest source of investment commitment amounting to PHP70.06 billion.

It was followed by the Netherlands at PHP38.89 billion, and South Korea at PHP20.23 billion.

"Electricity, gas, steam, and air conditioning supply industry received the largest amount of approved investments at PHP109.19 billion or 73.6 percent of the total approved FI," said the PSA.

Among the regions, CALABARZON received the largest share of investment pledges amounting to PHP117.39 billion, followed by Central Luzon with PHP23.83 billion, and Bicol Region with PHP2.86 billion.

The PSA, meanwhile, said total approved investments of foreign and Filipino nationals during the first quarter of the year amounted to PHP309.45 billion and would generate a total of 27,711 jobs.

Filipino nationals contributed PHP161.03 billion or a 52-percent share to the total approved investments during the first quarter of 2024. (PNA)