Foreign investments approved in 3rd quarter reached P13.05B

TOTAL foreign investments (FI) approved in the third quarter of 2022 has amounted to P13.05 billion, down by 24 percent from P16.82 billion reported in the same quarter in 2021.

These investments were pledges from four Investment Promotion Agencies (IPAs), namely: Board of Investments, Clark Development Corp., Philippine Economic Zone Authority and Subic Bay Metropolitan Authority.

No foreign investment approvals were reported from Authority of the Freeport Area of Bataan, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Cagayan Economic Zone Authority, Poro Point Management Corp. and Tourism Infrastructure Economic Zone Authority (Tieza) for the third quarter of years 2021 and 2022.

The FI commitments for the third quarter of 2022 were mainly driven by investments from Japan, which accounted for 34.5 percent of the total approved FI, followed by South Korea (15.5 percent) and Singapore (12.6 percent). Japan committed P4.50 billion while South Korea and Singapore pledged P2.02 billion and P1.64 billion, respectively.

Manufacturing bested all other industries as it stands to receive P7.20 billion or 55.2 percent of the total FI pledges. Administrative and support service activities came in second with investment commitments valued at P3.38 billion or 25.9 percent share, followed by real estate activities with P1.35 billion or 10.3 percent FI contribution.

The biggest chunk of the approved foreign investment in the third quarter of 2022 was intended to finance projects in Calabarzon amounting to P6.60 billion or 50.6 percent of the total FI. This was followed by Central Luzon with P3.02 billion (23.1 percent) and National Capital Region with P2.24 billion (17.1 percent).

Approved investment of foreign and Filipino nationals reached P159.18 billion in the third quarter of 2022 or an increase of 58.4 percent compared with P100.48 billion in the same quarter of the previous year. Filipino nationals contributed P146.13 billion or 91.8 percent of investments.

Total approved projects of foreign and Filipino investors in the third quarter of 2022 were projected to generate 28,139 employment. Out of the total anticipated employment for the period, approved projects with foreign interest were projected to generate 17,994 employment based on the reports of IPAs. (PR)