Investment commitments approved by the government’s seven investment promotion agencies jumped 97.5 percent in the second quarter to P177.7 billion from P89.97 billion a year ago, the Philippine Statistics Authority said Thursday.
PSA said the data were obtained from the Board of Investments, Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, BOI-Autonomous Region of Muslim Mindanao and Cagayan Economic Zone Authority.
Data showed foreign investments increased 11.5 percent in April to June to P40.4 billion while investments by Filipino nationals accounted for P137.3 billion.
PSA said total approved investments in the first half reached P277.4 billion, or 48.8 percent higher than P186.4 billion recorded in the same period a year ago.
Foreign investments in the six-month period rose 14.8 percent to P66.6 billion.
Top sources of foreign investments in the second quarter were Singapore which committed P10.2 billion, Japan with P7.1 billion and South Korea with P5.1 billion.
Calabarzon received the largest amount of foreign investments, valued at P15.9 billion in the second quarter. It was followed by Central Visayas with P7.2 billion and National Capital Region with P7.1 billion.
Investments intended for projects in manufacturing accounted for 35.3 percent of total foreign investments in the second quarter.
“Construction is set to receive the second largest amount of foreign investments at P8.2 billion or 20.4 percent of the total,” PSA said.
PSA said approved investments in the second quarter were expected to generate 53,998 jobs, once they were in full operations.
“Out of these anticipated jobs, 74.2 percent would come from projects with foreign interest,” PSA said.