• Approved Q1 foreign investments up 86.7%

    0

    The total approved foreign investments (FI) approved by the seven major investment promotion agencies (IPAs) in the first quarter of 2013 went up by 86.7 percent to P34.6 billion, according to the National Statistical Coordination Board (NSCB).

    In a statement, the statistical board said that this is higher compared from the P18.5-billion approved FI during the same quarter a year ago.

    The IPAs are the Board of Investments, Clark Development Corp., Philippine Economic Zone Authority (PEZA) and Subic Bay Metropolitan Authority, as well as Authority of the Freeport Area of Bataan, BOI-Autonomous Region in Muslim Mindanao and Cagayan Economic Zone Authority.

    The agency said that PEZA recorded the highest increase at 157.1 percent, reaching P32.9 billion in the first three months of the year, from P12.8 billion in 2012.

    NSCB added that the top three prospective investing countries for the first quarter of 2013 include the British Virgin Islands with FI commitments of P19.6 billion, Japan with P5.2 billion and The Netherlands with P2.2 billion.

    Approved investments of Filipino and foreign nationals increased by 103 percent, reaching a total of P89.4 billion in the first quarter of 2013 from P44 billion committed in the same period in 2012.

    “About 61.3 percent of this amount would be supplied by ventures from Filipino investors,” the agency added.

    Investment pledges from Filipino nationals was at P54.8 billion, up by 114.8 percent from P25.5 billion in the same period in 2012.

    Furthermore, the NSCB added that projects from foreign and Filipino investors approved in the first quarter of 2013 are seen to generate 33,746 jobs.

    Out of these anticipated jobs, 81.8 percent, or 27,620 jobs would come from projects with foreign interest.

    Share.