Foreign investment pledges more than triple to P189.5 billion

MANILA, Philippines — Foreign investment pledges registered with the country’s investment promotion agencies (IPAs) surged by 220.7 percent to P189.50 billion in the second quarter from P59.09 billion in the same period a year ago, according to the Philippine Statistics Authority.

The PSA said these foreign investments were approved by IPAs such as 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.

Of the total approved foreign investments in the second quarter, the bulk or 90.8 percent amounting to P172.04 billion came from Switzerland.

Japan placed second with P7.68 billion worth of investment commitments (4.1 percent), followed by Malaysia with P4.53 billion (2.4 percent).

In terms of sectors, the electricity, gas, steam and air conditioning supply industry received the largest amount of approved foreign investments in the second quarter at P172.74 billion or 91.2 percent of the total.

Manufacturing received the second biggest share with P12.39 billion or a 6.5 percent share, followed by administrative and support service activities with P2.84 billion or 1.5 percent share.

Among the regions, Negros Island region got the largest share of foreign investments amounting to P86.46 billion or 45.6 percent of the total in the second quarter.

This was followed by CALABARZON (Cavite-Laguna-Batangas-Rizal-Quezon) with P6.93 billion or a 3.7 percent share and Central Visayas with P4.35 billion or a 2.3 percent share.

Total investment commitments from foreign and Filipino sources approved by IPAs grew by 125.4 percent to P715.01 billion in the second quarter from P317.23 billion in the same quarter in 2023.

Should these investments in the second quarter be realized, these are expected to create 26,915 jobs, down by 13.8 percent from the 31,218 expected employment in the same quarter last year.

Of the jobs to be generated, 18,135 will be absorbed by foreign investment projects.