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Approved foreign investment pledges grew 27.8% in the second quarter of the year
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Of the P59.09 billion total pledges received, Japanese investors promised P20.36 billion
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Combined approved investments from foreigners and Filipinos more than triple to P317.23 billion
Approved foreign investment pledges grew 27.8% in the second quarter of 2023, with Japanese investors committing more than one-third of the P59.09 billion total pledges, while approved investments from both foreign and Filipino nationals tripled, Philippine Statistics Authority (PSA) data showed.
The amount represents the value of total foreign projects approved by investment promotion agencies during the quarter and surpasses the P46.26 billion pledged in the same quarter of 2022, the statistics office said.
Approved investments from foreign and Filipino nationals more than tripled to P317.23 billion from P99.64 billion in the second quarter of 2022, PSA said.
These proposed projects are expected to generate 31,218 employment opportunities, the agency said.
“Out of this total employment, 67.9% would be absorbed by foreign investment projects,” PSA said.
PSA said the foreign investments proposals were approved by the Board of Investments, the BOI office in the Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Clark International Airport Corp., Philippine Economic Zone Authority and Subic Bay Metropolitan Authority.
“Of the total approved [foreign investment for the second quarter of 2023, Japan posted the highest investment commitment amounting to P20.36 billion, followed by Singapore at P17.65 billion, and Cayman Islands at P11.63 billion,” the PSA said.
Manufacturing received the lion’s share of P35.07 billion approved investment, followed by information and communications with P13.92 billion, and administrative and support service activities, P3.33 billion.
Among the regions, Soccsksargen received the largest share of pledged investment amounting to P19.39 billion, or 32.8% of the total approved foreign investment during the quarter.
This was followed by Calabarzon with P14.64 billion and the National Capital Region with P3.12 billion.
