China, Singapore, Japan top foreign investors for last quarter of 2018
China, Singapore and Japan were the top foreign investors for the last quarter of 2018, according to Philippine Statistics Authority (PSA) Thursday.
For the quarter, total foreign investments amounted to P91.2 billion.
According to PSA, it is "four-fold higher" compared to last year's P21.6 billion. Total approved foreign investments for 2018 increased by 69.3 percent reaching P179 billion compared to P105.7 billion in 2017.
China which committed P48 billion or 52.6 percent of the quarter's total approved investments.
Singapore pledged P15.3 billion or 16.7 and Japan promised to offer P4.8 billion or 16.7 percent and 5.2 percent of the total.
Seven investment promotion agencies namely Board of Investments, CLark Development Corporation, Philippine Economic Zone Authority, and Subic Bay Metropolitan Authority as well as the Authority of Freeport Area of Bataan, BOI-Autonomous Region of Muslim Mindanao, and Cagayan Economic Zone Authority paved way for the approval.
A total of P58.8 billion or 64.5 percent, the largest of the fourth quarter foreign investments approved, will go to the manufacturing sector.
Pledges amounting to P13.3 billion or 14.6 percent share will be for electricity, gas, steam, and air conditioning supply.
Administrative and support services will get P6.9 billion or 7.6 percent share of foreign investment pledges.
PSA said by region, majority of investments will be provided for finance projects in Region 10 (Northern Mindanao) with P47.5 billion or 52.1 percent.
Forty-five billion pesos or 22.3 percent will go to Region IV-A (Calabarzon). The National Capital Region will receive P12.1 billion or 14.3 percent share.
The central statistical authority said most of the quarter's approved investments were by Filipinos.
Approved investments of foreign and Filipino nationals reached P605.1 billion, up by 114.2 percent compared with P282.5 billion in the same period in the previous year.
Filipinos dominated investments approved during the quarter, sharing 84.9 percent or P513.9 billion worth of pledges.
Approved foreign and Filipino investments for 2018 are expected to generate 72,630 jobs.
PSA said at least 66.9 percent of jobs would come from projects with foreign investment. Cristina Eloisa Baclig/DMS