Foreign investments plunge 83% in Q3

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    Total foreign investments (FI) approved in the third quarter of 2020 fell by 83 percent from the previous year’s level, the Philippine Statistics Authority (PSA) reported yesterday.

    The approved FIs for the period amounted to P31 billion. In the same time last year, FIs amounted to P182.4 billion.

    “The FI commitments for the third quarter of 2020 were mainly driven by investments from China which accounted for 30.9 percent of the total FI for the period, followed by the United States of America (23.1 percent) and the United Kingdom (15.3 percent),” the PSA said.

    China committed P9.6 billion, while P7.2 billion from USA, and P4.8 billion from UK.

    These investment pledges came from the six investment promotion agencies, namely, Board of Investments (BOI), Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan and Cagayan Economic Zone Authority.

    No foreign investments were recorded for BOI-Bangsamoro Autonomous Region in Muslim Mindanao for the period.

    The PSA said approved projects with foreign interest in the third quarter of 2020 were expected to generate 21,244 jobs.