MANILA, Philippines – The total foreign investments (FI) approved in the third quarter of 2015 by investment promotion agencies (IPAs) in the country jumped by 165%, the Philippine Statistics Authority (PSA) said.
The amount approved stood at P48.6 billion ($1.02 billion), a significant increase from the P18.3 billion ($385.61 million) recorded in the same period last year.
The foreign investments were approved by the Board of Investments (BOI), Clark Development Corporation, Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, BOI-Autonomous Region of Muslim Mindanao (BOI-ARMM), and Cagayan Economic Zone Authority.
The total approved FIs for the first 9 months of the year reached P106.6 billion ($2.24 billion), an increase of 16.2% from P91.8 billion ($1.93 billion) in the previous year.
The top 3 prospective investing countries for the third quarter of 2015 include the Netherlands, Japan, and South Korea.
The Netherlands pledged P27.7 billion ($583.31 million) or 56.9% share during the quarter, while Japan and South Korea committed P4.1 billion ($86.34 million) and P3.6 billion ($75.81 million), or 8.4% and 7.5% of the total approved FI, respectively.
Electricity, gas, steam, and air conditioning supply received the largest amount for approved Fis in the third quarter of 2015, with P27.8 billion ($585.46 million) or 57% share.
Manufacturing came in second with investment pledges valued at P7.9 billion ($166.36 million) or 16.2%, followed by administrative and support service activities at P3.6 billion ($75.81 million) or 7.4% share.
Bulk of the approved FIs in the third quarter of 2015 would be intended to finance projects in Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon), amounting to P32.2 billion ($678.09 million) or 66.3%.
The next highest investments would be in Central Luzon at P7.6 billion ($160.03 million) or 15.7%, followed by the National Capital Region at P4.9 billion ($103.27 million) or 10.1%.
Approved investments of foreign and Filipino nationals reached P168.2 billion ($3.54 billion) in the third quarter of 2015, up by 5.4% from last year’s P159.6 billion ($3.36 billion).
Filipino nationals continued to dominate investments approved during the quarter, sharing 71.1% or P119.6 billion ($2.52 billion) worth of pledges.
Among the industries, electricity, gas, steam, and air conditioning supply would receive the highest investments at P83.4 billion or 49.6% of the total approved investments.
Total projects of foreign and Filipino investors approved by the 7 IPAs for the third quarter of 2015 are expected to generate 48,776 jobs, lower by 10.7% from last year’s projected employment of 54,606 in the same period.
Out of the total anticipated jobs for the period, 78.1% would come from projects with foreign interest.
Manufacturing is expected to have the most number of jobs to be generated at 15,330. – Rappler.com