Foreign investments approved by the Board of Investments jumped 165 percent in the first semester to P14.5 billion from P5.5 billion in the same period in 2017.
The figure contributed to the 27-percent growth in overall approved investments in the six-month period.
“The impressive investment registrations with the BoI is a concrete proof of the continued confidence of both foreign and local investors in the country,” said Trade Secretary Ramon Lopez.
Data showed total investment approvals in the six-month period reached P238.9 billion, up by 27 percent from P188 billion a year ago.
Indonesia emerged as the top source of foreign investments in the first half with P6.4 billion, followed by Japan with P2.6 billion and China with P880 million. The United States contributed P582 million while Italy added P486 million.
Lopez said he was optimistic the Philippine economy would continue to grow and create investment opportunities in infrastructure, manufacturing, and services.
“With this growth, we intend to have more inclusive businesses and ensure that economic gains are spread throughout the country,” Lopez said.
Trade Undersecretary and BoI managing head Ceferino Rodolfo said the investment figure was a significant lead indicator for the overall growth of foreign direct investments.
The Bangko Sentral ng Pilipinas reported that actual FDI net inflows increased 40 percent in the first quarter.
Rodolfo said the BoI was on track to achieving its target of P680 billion for 2018, a 10 percent improvement from last year’s P617 billion.
“We expect big-ticket projects to come in by the second half of the year. Foreign and domestic investors remain optimistic especially in view of the government’s ‘Build, Build, Build’ and Manufacturing Resurgence Programs,” he said.
Citra Central Expressway Corp. was the biggest project registered in June, as committed to invest P25.7 billion in extending the Skyway to connect Gil Puyat Ave. in Makati City all the way to the North Luzon Expressway in Balintawak, Quezon City.