Foreign investment approvals up 109.3%

FOREIGN investment approvals more than doubled in the third quarter, the Philippine Statistics Authority (PSA) reported on Tuesday, surging by 109.3 percent to P27.30 billion from P13.05 billion a year earlier.

The investment pledges, the PSA said, comprise those approved by the Authority of the Freeport Area of Bataan, Board of Investments (BoI), Clark Development Corp., Cagayan Economic Zone Authority, Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, and the Zamboanga City Special Economic Zone Authority.

No foreign investment approvals were recorded during the period from the BoI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark International Airport Corp., Poro Point Management Corp., and Tourism Infrastructure and Enterprise Zone Authority.

The Bases Conversion and Development Authority and John Hay Management Corp., newly included in the report, also did not have any approved foreign investments for July-September, the PSA said.

Singapore accounted for the largest commitment of P13.04 billion, making up for 47.8 percent of total foreign investment approvals.

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Taiwan was next with P3.63 billion (13.3 percent), and the United Kingdom followed with P3.06 billion (11.2 percent).

The bulk, P16.43 billion, or 60.2 percent of the pledges, were for the manufacturing sector.

Administrative and support service activities were next at P4.28 billion (15.7 percent), while real estate activities secured P4.22 billion (15.5 percent).

By geographical area, the Calabarzon region had the highest share of committed investments at P14.56 billion, which represented 53.3 percent of the total for the quarter.

It was followed by Central Luzon, which accounted for P6.13 billion (22.4 percent), and Central Visayas, with P3.87 billion (14.2 percent).

Total approved investments from both foreign and Filipino citizens, meanwhile, amounted to P83.50 billion in the third quarter, the PSA also said.

The total was 47.6 percent lower compared to the year-earlier P159.38 billion.

Filipino citizens contributed P56.19 billion, constituting a share of 67.3 percent.

Investment approvals for the period are expected to create a total of 22,571 jobs, a 20.7 percent decline compared to the anticipated 28,458 jobs last year.

Most of the jobs, or 85.0 percent, will come from foreign investment projects should these materialize, the PSA said.