• Approved foreign investments up 86.6%

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    The country’s total foreign investments for the third quarter of the year increased by 86.6 percent to P33.1 billion as approved by seven investment promotion agencies (IPA), according to the National Statistical Coordination Board (NSCB).

    The NSCB also said that the approved foreign investments for the first nine months of the year increased by 114.8 percent to P126.5 billion from last year’s P58.9 billion, and the ascent was mainly because of investments in the manufacturing sector.

    “Manufacturing industry contributed the largest amount of committed foreign investments in the third quarter of 2013. The investment pledges for the industry was registered at P11.2 billion, or 33.9 percent of total foreign investments during the quarter,” the NSCB said.

    Besides the manufacturing-related investments, the state-run statistical board said that the main contributors to investments include electricity, gas, steam and air-conditioning supply with 28.8-percent share totaling to P9.5 billion, as well as the accommodation and food service activities with 13.7-percent share, or P4.5 billion.

    The British Virgin Islands, Japan and The Netherlands topped the countries with the most approved foreign investments in the third quarter, with P10.3 billion coming from the British Islands for a 31.3-percent share of the total investments; Japan with P5.9 billion or 18-percent share; and The Netherlands with P4.4 billion, or 13.2 percent of the total.

    Meanwhile, investments from Filipino businessmen took a 82.5-percent share, or P156.3 billion in the third quarter, with investments in electricity, gas, steam and air conditioning supply getting a 65.1-percent share, or P123.2 billion; real estate with 13.6 percent share, or P25.7 billion; and accommodation and food service activities with 7.2 percent share, or P13.6 billion.

    Combined foreign and Filipino nationals’ approved investments went up by 26 percent in the third quarter to P189.4 billion. These aggregate approved investments are expected to create a total of 39,314 jobs, which is an 18.1-percent increase from the 33,295 jobs projected in same period last year.

    “Out of these anticipated jobs, 84.8 percent would come from projects with foreign interest,” the NSCB said.

    The seven IPAs involved in the approval of foreign investments include the Board of Investments, Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, the Authority of the Freeport Area of Bataan, BOI-Autonomous Region of Muslim Mindanao and Cagayan Economic Zone Authority.

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