QUEZON CITY: Seven investment promotion agencies (IPAs) had approved total foreign investments (FI) worth P40.4 billion in the second quarter of 2016.
This is higher by 11.5 percent compared to the same period of last year, reported Philippine Information Agency (PIA).
The seven IPAs are the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) as well as the Authority of the Freeport Area of Bataan (AFAB), BOI-Autonomous Region of Muslim Mindanao (BOI-ARMM), and Cagayan Economic Zone Authority (CEZA), the report said.
Meanwhile, total approved FI for the first six months of the year reached PhP66.6 billion. This is an increase of 14.8 percent compared to the previous year’s record.
The top three prospective investing countries for the second quarter of 2016 are Singapore, Japan and South Korea. Pledges from Singapore amounted to P10.2 billion or 25.1 percent of the total approved FI. Meanwhile, Japan and South Korea committed P7.1 billion and P5.1 billion, or 17.5 percent share and 12.7 percent share, respectively.
Manufacturing continued to be the industry that would receive the largest committed foreign investments, amounting to P14.2 billion or 35.3 percent share. Construction came in next with investment pledges valued at P8.2 billion or 20.4 percent share. This is followed by Administrative and Support Service Activities with P6.2 billion which shared 15.4 percent to the total FI.
In terms of location, bulk of the approved foreign investments would be intended to finance projects in Region IVA – CALABARZON, reaching P15.9 billion or 39.3 percent share. The next highest investments would go to projects in Region VII – Central Visayas at P7.2 billion or 17.8 percent share. The National Capital Region followed with P7.1 billion or 17.7 percent share.
Approved investments of foreign and Filipino nationals amounted to P177.7 billion during the period, an increase of 97.5 percent compared to last year. Filipino nationals continued to dominate, accounting for 77.3 percent or P137.3 billion worth of investment pledges, reported PIA.
Proposed projects of foreign and Filipino investors approved by the IPAs in the second quarter of 2016 are expected to generate 53,998 jobs, higher by 49.2 percent compared to the previous year. Out of these anticipated jobs, 74.2 percent would come from projects with foreign interest, the report said.
