Investment pledges approved by the government’s promotion agencies fell 35.6 percent to P309.45 billion ($5.9 billion) in the first quarter of 2024, down from P480.48 billion ($9.1 billion) in the same period last year, the Philippine Statistics Authority (PSA) said Thursday.
Filipino nationals accounted for P161.03 billion (52.0 percent) of the total approved investments in the first quarter, while foreign investors contributed P148.43 billion.
“Approved investments of foreign and Filipino nationals in the first quarter of 2024 were expected to generate a total of 27,711 employment. This indicates an increase of 8.8 percent from the 25,470 expected employment in the same quarter of the previous year. Out of the total generated employment, 23,378 employments would be absorbed by foreign investment projects,” the Philippine Statistics Authority (PSA) said Thursday.
These projects were registered in investment promotion agencies (IPAs) including the Board of Investments (BOI), Clark Development Corp. (CDC), Cagayan Economic Zone Authority (CEZA), Philippine Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA), Authority of the Freeport Area of Bataan (AFAB), Bases Conversion and Development Authority (BCDA), BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), Clark International Airport Corp. (CIAC), John Hay Management Corp. (JHMC), Poro Point Management Corp. (PPMC), Tourism Infrastructure and Enterprise Zone Authority (TIEZA) and Zamboanga City Special Economic Zone Authority (ZCSEZA).
Foreign investments (FI) approvals from January to March amounted to P148.43 billion, down 63.6 percent from P408.22 billion a year ago.
Data showed that of the total approved FIs in the first quarter of 2024, Singapore posted the highest investment commitment amounting to P70.06 billion or 47.2 percent. It was followed by Netherlands at P38.89 billion (26.2 percent) and South Korea at P20.23 billion (13.6 percent).
Electricity, gas, steam and air conditioning supply industry received the bulk at P109.19 billion or 73.6 percent of the total approved FIs.
This was followed by accommodation and food service activities with P20.09 billion and manufacturing with P12.62 billion.
Among the regions in the country, CALABARZON received the largest share of pledged investments amounting to P117.39 billion or 79.1 percent of the total approved FIs in the first quarter of 2024. This was followed by Central Luzon with P23.83 billion and Bicol Region with P2.86 billion.
