Phl approved foreign investment up by 86.6 pct in Q3

MANILA, Philippines (Xinhua) - The approved foreign investment in the Philippines significantly increased in the third quarter of this year to P33.1 billion peso ($755.7 million), up 86. 6 percent over the figure a year ago, senior government official said today.

Jose Ramon Albert, Secretary General of the National Statistical Coordination Board (NSCB), said the total approved foreign investments for the first nine months reached P126.5 billion ($2.88 billion), increasing by 114.8 percent from the amount recorded last year.

British Virgin Islands was the top prospective investing country, pledging P10.3 billion, or 31.1 percent share in the third quarter. This was followed by Japan and the Netherlands, committing P5.9 billion and P4.4 billion, or 18 percent and 13.2 percent of the total approved foreign investments, respectively, during the third quarter.

Manufacturing industry contributed the largest amount of committed foreign investments in the third quarter worth P11.2 billion, followed by electricity, gas, steam, and air conditioning supply with investment pledges valued at P9.5 billion. Accommodation and food service activities came in third with P4.5 billion investment pledges.

Meanwhile, approved investments of foreign and Filipino nationals rose by 26 percent to P189.4 billion in the third quarter from P150.3 billion a year ago.

The approved projects of foreign and Filipino investors for the third quarter were expected to generate 39,314 jobs.