Foreign investments

Foreign investment jumped 71% last year – Manila Bulletin

Foreign investment approvals surged last year amid improving economic conditions despite the prolonged pandemic, data from the Philippine Statistics Authority (PSA) showed.

According to the PSA report on Tuesday, February 15, total foreign investment reached 192.34 billion pesos from January to December last year, up 71% from 112.12 billion pesos for the year. former.

Singapore’s investment commitments accounted for the bulk of the total amounting to 80.17 billion pesos, followed by the Netherlands with 26.9 billion pesos, Japan with 24.47 billion pesos, among others.

These investment pledges came from seven investment promotion agencies, namely: Board of Investment, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corporation and Philippine Economic Zone Authority.

They also include Subic Bay Metropolitan Authority, Cagayan Economic Zone Authority and Bataan Free Zone Authority.

In the fourth quarter alone, approved foreign investments reached 133.8 billion pesos, three times more than 36.49 billion pesos during the same period in 2020.

Commitments during the 2021 quarter are mainly driven by investments from Singapore which represented 59.4% of the total, followed by the Netherlands (18.4%) and Japan (1.1%).

Singapore pledged 79.30 billion pesos in the quarter ending December, while the Netherlands and Japan pledged 24.54 billion pesos and 1.44 billion pesos respectively.

The information and communication industry beat all other industries as it is expected to receive 127.17 billion pesos, or 95.3% of the total pledges.

Manufacturing came second with investment commitments valued at 2.13 billion pesos or 1.6% share, followed by administrative and support service activities with 2.08 billion pesos or 1.6% contribution to investments.

Meanwhile, approved investments from foreign and Filipino nationals decreased in 2021 by 756.62 billion pesos from 1.139 trillion pesos the previous year.

The total number of approved projects is expected to generate 171,294 jobs.

In 2021, the Philippine economy grew faster than expected, growing 5.6% from a contraction of 7.7% the previous year.

Last year’s gross domestic product performance slightly exceeded the government’s target of 5.0% to 5.5%.