Foreign investments (FIs) approved in the second quarter of 2024 saw a significant surge of 220.7 percent compared to the same period a year ago, according to the Philippine Statistics Authority (PSA).
The PSA data showed total FIs approved by investment promotions agencies (IPAs) in the second quarter amounted to P189.5 billion, from P59.09 billion in the same quarter of 2023.
Of the total approved FI for the second quarter of 2024, Switzerland posted the highest investment commitment amounting to P172.04 billion or 90.8 percent.
This was followed by Japan at P7.68 billion (4.1 percent) and Malaysia at P4.53 billion (2.4 percent).
Among sectors, the electricity, gas, steam and air conditioning supply industry received the largest amount of approved FI at P172.74 billion or 91.2 percent of the total.
This was followed by manufacturing with P12.39 billion and administrative and support service activities with P2.84 billion, or shares of 6.5 percent and 1.5 percent, respectively.
In terms of the country’s regions, Negros Island received the largest share of pledged investment amounting to P86.46 billion or 45.6 percent of the total approved FI for the second quarter of 2024.
This was followed by Calabarzon with P6.93 billion and Central Visayas with P4.35 billion.
These accounted for 3.7 percent and 2.3 percent and 2.3 percent of the total FI, respectively.
Among the 13 IPAs, six reported foreign investment pledges: Board of Investments (BOI), 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.
The total approved investments of foreign and Filipino nationals in the second quarter reached P715.01 billion, an increase of 125.4 percent from the reported amount of P317.23 billion in the same quarter of the previous year.
Filipino nationals contributed P525.51 billion or 73.5 percent share to the total approved investments during the second quarter of 2024.
Approved investments of foreign and Filipino nationals in the second quarter were expected to generate a total of 26,915 employment.
This indicates a decline of 13.8 percent from the 31,218 expected employment in the same quarter of the previous year.
Out of the total generated employment, 18,135 employments would be absorbed by foreign investment projects.
