Almost 80% of the more than 41,000 jobs to be created in the Philippines as a result of first quarter 2011 investment pledges will come from foreign direct investment. The money to create these jobs will come predominately from the United States (P6.7 billion), Japan (P4.7 billion), and Korea (P3.8 billion). Most of the investment will go to the manufacturing sector, specifically the assembly of semiconductors and electronics, which account for two-thirds of exports.
The information technology, business process outsourcing, and global in-house center (IT-BPO and GIC) industry will account for most of the jobs, however, with the industry expected to grow between 20% and 25% this year.
Although foreign investment pledges will create the majority of new jobs, Filipinos pledged far more than foreign investors for the quarter, approximately P140 billion. This investment is much less efficient in creating jobs—accounting for just 20% of total jobs to be created—probably because it goes to less labor-intensive industries, particularly real estate development.
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