MANILA, Philippines – Total approved investments posted a 48.1% year-on-year increase to P274.2 billion in the 1st quarter of 2019, said the Philippine Statistics Authority (PSA).
Local approved investments still took the larger share of the overall pledges at 83.2% or P228.2 billion, while foreign approved investments took the remaining P46 billion.
Though foreign pledges took a smaller share, this was a 223% jump from last year’s figure for the same period.
Out of all the 7 investment promotion agencies, the Board of Investments took the lion’s share after it approved P243.07 billion worth of pledges in the first 3 months of 2019 alone. (READ: BOI-approved investments up by 47% in first 4 months of 2019)
The PSA said the approved investments in the 1st quarter could generate 41,837 jobs, 24% higher than a year ago.
Foreign investments are also seen to generate more employment opportunities at 31,979 jobs. (READ: Foreign direct investments up by 20% in February 2019)
How foreign investments fared in Q1
Taking up 22% of the total commitments, the Netherlands was the Philippines’ top source of foreign investments with pledges totaling P10.1 billion. Japan and Thailand followed with pledges amounting to P9.4 billion and P8.5 billion, respectively.
The PSA also reported that bulk of these approved investments are for the manufacturing industry, with 76.1% or P35 billion.
Administrative and support service activities followed manufacturing with P3.5 billion worth of investment pledges, while accommodation and food service activities came in third with P2.9 billion.
Majority or P22.1 billion of the foreign pledges are for projects located in Central Luzon, followed by Calabarzon with P15.7 billion and the National Capital Region, P6.3 billion. – Rappler.com