MANILA, Philippines – China is betting on the Philippines once more, as approved investment pledges soared by an astonishing 2,072% in just a single year.
Data from the Philippine Statistics Authority (PSA) revealed that total approved foreign investments from China totaled P50.7 billion in 2018, with the highest surge reported in the 4th quarter at P47.98 billion.
Total commitments of Beijing during the last quarter of 2018 was 52.6% of the total approved investments during the period. (READ: Duterte’s China push needs to find the sweet spot)
When these promises materialize into actual projects, it would be considered as Foreign Direct Investments.
In total, approved investment pledges from all countries amounted to P179 billion in 2018, beating 2017’s P105.7 billion. (READ: A friend in need: China's promises to PH)
However, 2018's overall figure did not beat records of 2015 and 2016 at P245.2 billion and P219 billion, respectively.
Manufacturing would receive the largest amount of foreign investments approved in the last quarter of 2018 with P58.8 billion or 64.5%share.
Electricity, gas, steam, and air conditioning supply came in second with investment pledges valued at P13.3 billion or 14.6%. Administrative and support service activities followed with investment pledges of P6.9 billion or 7.6 percent share.
By region, majority of the approved foreign investments in the 4th quarter would finance projects in Northern Mindanao amounting to P47.5 billion or 52.%.
Calabarzon would receive the second highest amount at PhP 20.3 billion, representing 22.3%. This was followed by the National Capital Region at P13.1 billion or 14.3%. – Rappler.com