Trade Secretary Ramon Lopez said Wednesday foreign investments in manufacturing surged 244 percent in 2017 to a record $1.15 billion from $334.25 million in 2016.
“The figure accounted for 35 percent of the $3.3-billion equity capital placements in 2017,” said Lopez.
The department released the data following the issue by the Bangko Sentral ng Pilipinas of the annual report on net foreign direct investments, which hit an all-time high of $10.1 billion last year.
Data showed that 2017 foreign investment inflows surpassed the target when they expanded 21 percent from $8.3 billion registered in 2016.
The 2017 FDI was spread in over 21 industries, but a third of the total equity placements went to the manufacturing industry.
Other industries which received the bulk of total inflows were gas, steam and air conditioning supply; real estate; construction; and wholesale and retail trade activities.
Lopez said the manufacturing industry delivered on its promise to be a pillar of economic growth in the country.
He said that since 2012, the department had intensified its campaign to link the efforts of the government and private sectors to revitalize the manufacturing industry.
“It is a highly viable investment area and a source of meaningful and well-paying jobs for the people,” Lopez said.
It identified food manufacturing; production of radio, television, and communication equipment and apparatus; chemical and non-chemical products; fabricated metal products; basic metal and non-metallic mineral products as vibrant manufacturing sectors.
Top sources of foreign equity investments last year were Singapore, Japan, the Netherlands, the United States and Luxembourg.
“Investor confidence is real. The Philippines continues to be a magnet for investments, and this is due to the country’s improving business environment, sound macroeconomic policy reforms, aggressive infrastructure build-up, much improved peace and order and political stability, favorable demographics, growing middle class and consumer base and of course, our people, who have always been the country’s prime asset in attracting foreign investments,” Lopez said.