The total foreign investments (FI) approved in the third quarter of 2024 saw a significant increase at P146.75 billion, jumping by 434.4 percent year-on-year, according to the Philippine Statistics Authority (PSA).
FIs in the third quarter of 2023 amounted to P27.46 billion.
Of the total approved FI for the third quarter of 2024, South Korea posted the highest investment commitment amounting to P53.72 billion or 36.6 percent, the PSA said in a statement.
It was followed by Switzerland at P51.84 billion (35.3 percent) and Japan at P15.96 billion (10.9 percent).
Manufacturing received the largest amount of approved FI in terms of sectors at P70.57 billion or 48.1 percent of the total approved FI.
This was followed by electricity, gas, steam and air conditioning supply with P51.92 billion and real estate activities with P13.13 billion, or shares of 35.4 percent and 8.9 percent, respectively.
Among the regions in the country, Calabarzon received the largest share of pledged investment amounting to P58.86 billion or 40.1 percent of the total approved FI for the third quarter of 2024.
This was followed by Bicol Region with P51.84 billion and Central Luzon with P15.2 billion, accounting for 35.3 percent and 10.4 percent of the total FI, respectively.
Among the 13 investment promotion agencies, six reported foreign investment pledges which were as follows: Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Cagayan Economic Zone Authority, Philippine Economic Zone Authority and Subic Bay Metropolitan Authority.
Meanwhile, the total approved investments of foreign and Filipino nationals reached P541.29 billion, an increase of 542.1 percent from the reported amount of P84.29 billion in the same quarter of the previous year.
Filipino nationals contributed P394.54 billion or 72.9 percent share to the total approved investments during the third quarter of 2024.
Approved investments of foreign and Filipino nationals in the third quarter of 2024 were expected to generate a total of 33,727 jobs.
This indicates an increase of 49.4 percent from the 22,571 expected employment in the same quarter of the previous year.
Out of the total generated employment, 19,265 employment would be absorbed by FI projects.
