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Manila Bulletin devider Business devider Foreign investment approvals triple in second quarter

Foreign investment approvals triple in second quarter

Published Aug 15, 2024 04:53 am

The Philippine Statistics Authority (PSA) reported that approved foreign investments tripled in the second quarter, reflecting strong investor confidence in the country's economic prospects.

From April to June 2024, the total approved foreign investments soared 189.5 billion, a substantial increase of 220.7 percent from only P59.09 billion in the same period last year, the PSA said on Thursday, Aug. 15.

Among the 13 investment promotion agencies, six reported significant foreign investment pledges.

These include the Board of Investments, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, and Zamboanga City Special Economic Zone Authority.

Switzerland emerged as the top investor, committing an amount of P172.04 billion (90.8 percent), followed by Japan with P7.68 billion (4.1 percent), and Malaysia with P4.53 billion (2.4 percent).

The electricity, gas, steam, and air conditioning supply industry attracted the lion's share of approved foreign investments, totaling P172.74 billion (91.2 percent). This was followed by the manufacturing sector with P12.39 billion and administrative and support service activities with P2.84 billion.

In terms of regional distribution, Negros Island Region received the highest amount of pledged investments, reaching P86.46 billion (45.6 percent of the total approved FI). Calabarzon and Central Visayas followed with P6.93 billion and P4.35 billion, respectively.

The combined approved investments from foreign and Filipino nationals totaled P715.01 billion, reflecting a notable increase of 125.4 percent compared to the previous year. Filipino nationals contributed P525.51 billion (73.5 percent) to the total approved investments in the second quarter of 2024.

These investments are expected to generate a total of 26,915 jobs, with foreign investment projects accounting for 18,135 employments. 

Although employment figures in the same quarter of the previous year showed a slight decline of 13.8 percent, the PSA noted that the job creation potential remains significant.

The PSA report followed the Bangko Sentral ng Pilipinas’ (BSP) report revealing that net inflows of foreign direct investments (FDI) amounted to $499 million in May, the lowest level in 16 months. This signifies the third consecutive month of contraction in FDI inflows.

The May FDI figure posted a marginal one percent decline from the $504 million recorded in the same month of the previous year, marking the lowest level since January 2023, when FDI stood at $478 million.

The BSP cited that the primary cause of this decline was a substantial 31.7 percent decrease in non-residents' net investments in equity capital (excluding reinvestment of earnings). Additionally, reinvestment of earnings experienced a slight decrease during this period.

The decreasing trend in FDI inflows into the Philippines had began since February, coinciding with prevailing global economic uncertainties that have been impacting investment decisions worldwide.

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Philippine Statistics Authority (PSA) FOREIGN INVESTMENTS
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