FDIs dip 26% to P46B in 2002

Foreign direct investments (FDIs) approved by the Board of Investments (BOI) declined by 26 percent to P46 billion in 2002 from P62.4 billion in 2001 as a result of the global economic slowdown.

Japanese investors with P17.1 billion in capital infusion accounted for the bulk or 37 percent of total investments followed by Taiwanese investors who brought in P12.2 billion last year.

Based on a report from the BOI, the manufacturing and mining sectors received the bulk, or 77 percent of total inflows with P35.3 billion last year.

Foreign direct inflows in the transportation sector rose to P3 billion in 2002 from P2 billion a year ago.

Trade and Industry Secretary and concurrent BOI chairman Manuel Roxas II said last year’s inflow was still "encouraging" despite a notable drop from a year ago level.

Roxas gave his assurance the government will continue to work to attract more investments into the country.

"The government remains committed and is aggressively trying to lure more investments that could offer better paying job opportunities like the ones we get from the information technology-enabled ventures," Roxas said.

The foreign direct investment inflows generated 110,429 new jobs last year based on a report from BOI, Philippine Export Zone Authority, Subic Bay Metropolitan Authority and the Clark Development Corp.

The manufacturing and information and communication technology (ICT) sector remained the top job generator.