Foreign investment approvals posted a steep fall in the fourth quarter of 2017, the government reported on Thursday, resulting in a full-year tally less than half that recorded the previous year.
Seven monitored investment promotion agencies (IPAs) approved just P21.57 billion in foreign pledges in the last three months of 2017, down 82.8 percent from P125.69 billion a year earlier, the Philippine Statistics Authority (PSA) said.
Full-year approved foreign investments subsequently fell by 51.8 percent to P105.63 billion from P219.03 billion in 2016, data released on Thursday showed.
Just two of the seven IPAs posted year-on-year growth: the Authority of the Freeport Area of Bataan and Clark Development Corp.
Declines were recorded by the Board of Investments (BOI), BOI-Autonomous Region of Muslim Mindanao, Cagayan Economic Zone Authority, Philippine Economic Zone Authority and the Subic Bay Metropolitan Authority.
Japan was the top prospective investing country in 2017 with P31.98 billion worth of commitments, representing 30.3 percent of total foreign investment pledges. Taiwan and United States followed with P10.83 billion (10.3 percent) and P8.74 billion (8.3 percent), respectively.
Manufacturing took the largest share of pledges (P55 billion), followed by real estate (P22.42 billion) and administrative and support services (P13.94 billion).
In terms of location, Region IV-A (Cavite, Laguna, Batangas, Rizal and Quezon provinces or Calabarzon) accounted for P48.35 billion—followed by the National Capital Region at P17.4 billion and Region III (Central Luzon) at P10.54 billion.