The Philippine Statistics Authority said Tuesday total foreign investments pledges approved by investments promotion agencies in the third quarter more than doubled to P27.30 billion from P13.05 billion in the same quarter last year.
Of the total approved foreign investment pledges, Singapore posted the highest investment commitment amounting to P13.04 billion, followed by Taiwan with P3.63 billion, and United Kingdom with P3.06 billion.
The bulk of the investment pledges went to manufacturing aggregating P16.43 billion. This was followed by administrative and support service activities of P4.28 billion and real estate activities of another P4.22 billion.
The investment pledges came to the Freeport Area of Bataan, the Board of Investments, Clark Development Corp., Cagayan Economic Zone Authority, Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, and Zamboanga City Special Economic Zone Authority.
No foreign investment approvals were reported by the BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark International Airport Corp., Poro Point Management Corp., and Tourism Infrastructure and Enterprise Zone Authority.
The Bases Conversion and Development Authority and John Hay Management Corp., which are the latest additions to the list of investment promotion agencies covered by the report, also had no approved foreign investment pledges during the period.
Among regions, CALABARZON received the largest share of pledged investments amounting to P14.56 billion.
The approved investments of foreign and Filipino nationals aggregated P83.50 billion, a decline by 48 percent. The approved investments are expected to generate 22,571 jobs, lower than previous by 21 percent.
