Approved Foreign Investments Reach PhP 148.43 Billion in the First Quarter of 2024
Total approved foreign direct investments (FDI) posted two consecutive quarter increases after four successive quarter declines. FDI approved by the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) in the first quarter of 2010 totaled to PhP 45.7 billion, almost twelve times the PhP 4.0 billion approved in the same quarter in 2009.
Korea topped the list of foreign investors, pledging PhP 23.8 billion or 52.1 percent of the total approved FDI. Trailing behind are Japan and Singapore pledging PhP 10.2 billion and PhP 5.3 billion which accounted for 22.3 percent and 11.6 percent, respectively of the total FDI committed for the first quarter of 2010.
The bulk or 93.9 percent of the approved FDI was intended to fund projects in manufacturing. Investment pledges in manufacturing were worth PhP 42.9 billion growing thirty two times the PhP 1.3 billion committed a year ago. Trailing far behind were finance and real estate with investment commitments valued at PhP 2.2 billion, contributing 4.8 percent; and transportation, storage, and communication at PhP 0.3 billion. Of the PhP 42.9 billion committed to manufacturing, PhP 23.6 billion or 55.1 percent would come from Korea.
A total of 26,074 jobs are expected to be generated from the FDI projects approved in the first quarter of 2010, up by 33.1 percent from last year’s projected employment of 19,596 jobs.
ROMULO A. VIROLA
Secretary General
