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MANILA, Philippines – Total foreign direct investments approved by the investment promotion agencies of the government soared to P40.6 billion in the second quarter of the year from only P13.8 billion a year ago, the National Statistical Coordination Board (NSCB) reported yesterday.
The government investment promotion agencies are the Board of Investments (BOI), the Philippine Economic Zone Authority (PEZA), Clark Development Corp. (CDC) and the Subic Bay Metropolitan Authority (SBMA).
The second quarter investments brought total approved FDIs for the first six months of the year to P62.6 billion, up by 3.5 percent from P60.5 billion a year ago.
Among the different countries, Japan had the highest investment pledge with P17.5 billion.
Majority of the investment pledges from Japan are for tire manufacturing, the NSCB said.
Other top sources of FDI during the period are the US with a share of P8.2 billion or 20.3 percent, and the Netherlands with P7.2 billion or 17.7 percent.
By sector, the manufacturing industry emerged as the top recipient of FDI commitments with P26.4 billion.
Real estate activities, and electricity, gas, steam and air conditioning have pledges amounting to P5.2 billion and P4.8 billion, respectively.
However, the total approved investments of foreign and Filipino nationals in the second quarter declined by 8.5 percent to P158 billion from last year’s P172.6 billion.
Of the approved investments during the quarter, Filipino nationals continued to account for the bulk with P117.4 billion or a share of 74.3 percent.
These are in the areas of finance, electricity, gas, steam and air-conditioning supply.
The investments are expected to create 52,604 jobs, up by 81.4 percent from last year’s projected employment of 29,004 jobs.
“Out of these anticipated jobs, 40,556 new jobs or 77.1 percent would come from projects with foreign interest,” the NSCB said.
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By: Iris C. Gonzales
Source: The Philippine Star, Aug. 19, 2011
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