The total foreign investments (FIs) approved in the first quarter shrank by 32.9 percent, data released by the Philippine Statistics Authority (PSA) showed, amid the continued uncertainties brought by the global health crisis.
According to the PSA, the FI pledges in the first three months of the year amounted to P19.55 billion, lower compared to the P29.14 billion recorded in the same period a year ago.
The commitments for the first quarter of 2021 were mainly driven by investments from Japan which accounted for 54.8 percent of the total approved FI, followed by Cayman Islands (5.8 percent) and South Korea (three percent).
Japan committed P10.72 billion, while Cayman Islands and South Korea pledged P1.14 billion and P592.63 million, respectively.
Manufacturing bested all other industries as it stands to receive 57 percent, or P11.14 billion of the total FI pledges, the PSA said.
Information and communication came in second with investment commitments valued at P4.58 billion or 23.4 percent of the total approved FI, followed by real estate activities with P2.24 billion or 11.5 percent FI contribution.
By region, majority of the approved FIs in the first quarter of 2021 is intended to finance projects in Calabarzon amounting to P7.54 billion or 38.6 percent of the total.
This was followed by Central Visayas with P2.73 billion (14 percent) and the National Capital Region with P1.74 billion (8.9 percent).
The PSA said approved projects with foreign interest in the first quarter of 2021 were projected to generate 18,416 jobs based on reports of the investment promotion agencies.
