The total foreign investments (FIs) approved in the second quarter of 2023 rose 27.8 percent to P59.09 billion from P46.26 billion in the same period a year ago, according to the Philippine Statistics Authority (PSA).
The PSA reported of the total approved FIs, Japan posted the highest investment commitment at P20.36 billion (34.4 percent), followed by Singapore at P17.65 billion (29.9 percent) and Cayman Islands, P11.63 billion (19.7 percent).
The manufacturing sector received the largest amount of approved investment at P35.07 billion or 59.3 percent of the total approved FIs.
This was followed by information and communication with P13.92 billion or 23.6 percent share, and administrative and support service activities with P3.33 billion or 5.6 percent share.
Among the regions in the country, Soccsksargen received the largest share of pledged investment amounting to P19.39 billion or 32.8 percent of the total approved FIs for the second quarter of 2023.
This was followed by Calabarzon with P14.64 billion (24.8 percent) and the National Capital Region with P3.12 billion (5.3 percent).
The investments in the second quarter were pledges from the following investment promotion agencies: Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Clark International Airport Corp., Philippine Economic Zone Authority and Subic Bay Metropolitan Authority.
No foreign investment approvals were reported by the Authority of the Freeport Area of Bataan, Cagayan Economic Zone Authority, Poro Point Management Corp. and the Tourism Infrastructure and Enterprise Zone Authority.
The Zamboanga City Special Economic Zone Authority, which is the latest addition to the list of IPAs covered by this report, had no approved FI in the second quarter of 2023.
The PSA said the total approved investments of foreign and Filipino nationals reached P317.23 billion, an increase of 218.4 percent from the reported amount of P99.64 billion in the same quarter of the previous year.
Filipino nationals contributed P258.14 billion or 81.4 percent share.
Approved investments of foreign and Filipino nationals in the second quarter of 2023 are expected to generate a total of 31,218 employment, the PSA said.
This indicates a 63.5 percent annual growth from the 19,094 expected employment in the same quarter of the previous year.
Out of these total employment, 67.9 percent would be absorbed by foreign investment projects.
