MANILA – Approved foreign investment (FI) pledges grew by 27.8 percent in the second quarter of the year, data from the Philippine Statistics Authority (PSA) showed.
PSA data released on Tuesday showed that total foreign investments approved by investment promotion agencies (IPAs) during the period amounted to PHP59.09 billion from PHP46.26 billion FI in the same quarter of 2022.
These investments pledges were approved by the Board of Investments (BOI), BOI in the Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), Clark Development Corporation (CDC), Clark International Airport Corporation (CIAC), Philippine Economic Zone Authority (PEZA) and Subic Bay Metropolitan Authority (SBMA).
"Of the total approved FI for the second quarter of 2023, Japan posted the highest investment commitment amounting to PHP20.36 billion, followed by Singapore at PHP17.65 billion, and Cayman Islands at PHP11.63 billion," the PSA said.
Manufacturing received the largest amount of approved investment amounting to PHP35.07 billion, followed by information and communication with PHP13.92 billion and administrative and support service activities, PHP3.33 billion.
Among the regions in the country, Soccsksargen had the largest share of pledged investment amounting to PHP19.39 billion or 32.8 percent of the total approved FI during the quarter.
This was followed by Calabarzon with PHP14.64 billion and the National Capital Region with PHP3.12 billion.
Meanwhile, the PSA said total approved investments of foreign and Filipino nationals went up by more than double to PHP317.23 billion from PHP99.64 billion in the second quarter of 2022.
These are expected to generate 31,218 employment opportunities.
"Out of these total employment, 67.9 percent would be absorbed by foreign investment projects," the PSA said. (PNA)