Foreign-led investments seeking tax incentives from the government increased in the second quarter of the year, the Philippine Statistics Authority (PSA) reported on Monday, Aug. 15.

According to the latest report from the PSA, foreign investment approvals by government investment promotion agencies (IPAs) surged 28 percent from April to June to P59.09 billion from P46.26 billion in the same period last year.

Investment approvals were pledged by the Board of Investments, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Clark International Airport Corp., Philippine Economic Zone Authority, and Subic Bay Metropolitan Authority.

However, no foreign investment approvals were reported by the Authority of the Freeport Area of Bataan, Cagayan Economic Zone Authority, Poro Point Management Corp., and Tourism Infrastructure and Enterprise Zone Authority.

Additionally, the Zamboanga City Special Economic Zone Authority, which is the latest addition to the list of IPAs covered by the report, also did not have any approved foreign investments in the second quarter.

Out of the total investment approvals, Japan emerged as the top investor with a commitment of P20.36 billion, comprising 34.4 percent of the total, followed by Singapore with P17.65 billion (29.9 percent), and the Cayman Islands with P11.63 billion (19.7 percent).

The manufacturing industry received the largest share of approved investments, amounting to P35.07 billion, representing 59.3 percent of the total.

Information and Communication followed with P13.92 billion or a 23.6 percent share, while Administrative and Support Service Activities received P3.33 billion or a 5.6 percent share.

SOCCSKSARGEN region garnered the highest portion of pledged investments, reaching P19.39 billion or 32.8 percent of the total approved foreign investments for the second quarter.

CALABARZON followed closely with P14.64 billion (24.8 percent), while the National Capital Region secured P3.12 billion (5.3 percent).

The total approved investments from both foreign and Filipino nationals reached a significant milestone of P317.23 billion, a growth of 218.4 percent compared to the reported amount of P99.64 billion in the same quarter of the previous year.

Among these investments, Filipino nationals contributed P258.14 billion, accounting for 81.4 percent of the total share.

Furthermore, the approved investments from both foreign and Filipino nationals in the second quarter are projected to generate a total of 31,218 employment opportunities, an increase of 63.5 percent compared to the 19,094 expected employments in the same quarter of the previous year.

It is worth noting that out of these total employment opportunities, 67.9 percent are expected to be absorbed by foreign investment projects.