Foreign investments approved by various investments promotion agencies surged more than 19 times in the first quarter to P172.7 billion from P8.98 billion posted in the same period last year, data from the Philippine Statistics Authority show.
The foreign investments data were reported by the Board of Investments, the Philippine Economic Zone Authority, Clark Development Corp., and the Subic Bay Metropolitan Authority. Other investments promotion agencies such as the Freeport Area of Bataan, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, and the Tourism Infrastructure and Enterprise Zone Authority did not report any foreign investment activities.
The biggest source of foreign investments in the first quarter was Germany, with capital infusion of P156.96 billion. Japan and the Netherlands were far second and third, with investments of P3.82 billion and P2.65 billion, respectively.
Investments from Germany were channeled into electricity, gas, steam and air conditioning supply projects while the balance went to manufacturing, and administrative and support services activities.
