Approved Foreign Investments Reach PhP 148.43 Billion in the First Quarter of 2024
Total foreign direct investments (FDI)a approved in the third quarter of 2011 by the four major investment promotion agencies (IPA), namely: Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) amounted to PhP 25.0 billion, 32.0 percent higher than the PhP 19.0 billion committed in the same period last year. Meanwhile, total approved FDI for the first nine months of 2011, amounting to PhP 87.3 billion increased by 9.9 percent from last year’s PhP 79.4 billion.
Top prospective investing countries include Japan, Korea, and the United States of America (USA). Japan topped the list with investment pledges of PhP 9.7 billion, majority of which would be in manufacturing of motorcycle, and siding board. Korea and the USA accounted for 18.0 percent or PhP 4.5 billion, and 8.2 percent or PhP 2.0 billion.
Manufacturing remained as top recipient of FDI commitments as it stands to receive PhP 9.6 billion. Electricity, gas, steam and air conditioning came in second at PhP 5.1 billion, followed by real estate activities at PhP 4.8 billion.
Approved investments of foreign and Filipino nationals tripled to PhP 192.0 billion. Majority or 87.0 percent of this amount would be supplied by ventures from Filipino investors who have continually dominated investments approved during the first three quarters of 2011. Most of investments committed by Filipinos are intended to finance activities in electricity, gas, steam and air conditioning supply, particularly coal-fired power plants.
Foreign and Filipino ventures approved by the four major IPAs in Q3 2011 are expected to create 40,660 jobs, increasing by 51.4 percent from last year’s projected employment of 26,857 jobs. Out of these anticipated jobs, 25,643 new jobs or 63.1 percent would come from projects with foreign interest.
LINA V. CASTRO
Officer-in-Charge
Office of the Secretary General
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a Approved FDI represent the amount of proposed contribution or share of foreigners to various projects in the country as approved and registered by the IPAs. This consists of equity, loans and reinvested earnings.
