Despite a significant drop in foreign investment approvals in the fourth quarter of 2024, the Philippines saw a surge in projected job creation from these investments. The PSA reported a 85.4% decline in foreign investment approvals compared to the previous year.
Foreign investments approved in the fourth quarter of 2024 plunged by 85.4 percent to P57.70 billion, the Philippines Statistics Authority ( PSA ) said on Thursday. The approvals were significantly lower compared to the P394.46 billion recorded a year earlier. South Korea emerged as the top source of accepted foreign investments, contributing P26.16 billion or 45.3 percent of the total. The Netherlands followed with P9.19 billion (15.9 percent) while Japan pledged P4.11 billion (7.1 percent).
The manufacturing industry attracted the highest share of foreign investments at P30.5 billion (52.9 percent). Other key investment destinations included transportation and storage with P11.87 billion (20.6 percent) and the electricity, gas, steam and air-conditioning supply sector with P7.68 billion (13.3 percent).Only five of the country's investment promotion agencies recorded foreign investment approvals during the quarter: the Board of Investments (BOI), BOI-Autonomous Region in Muslim Mindanao, Clark Development Corp., Philippine Economic Zone Authority and the Subic Bay Metropolitan Authority. By region, Central Luzon attracted the highest amount of foreign investments at P19.92 billion (34.5 percent of the total), followed by Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) with P13.51 billion (23.4 percent) and the National Capital Region with P12.86 billion (22.3 percent).Total approved investments from both foreign and Filipino investors dropped 36.1 percent to P373.7 billion during the quarter, down from P585.17 billion a year earlier. Filipino investors accounted for the bulk of investments at 84.6 percent. Despite the decline, PSA reported that employment expected to be generated from the projects surged by 93.7 percent to 55,717 jobs compared to 28,758 a year earlier. For the whole of 2024, total approved investments from both foreign and local investors reached P1.95 trillion, reflecting a 32.7-percent growth from P1.47 trillion in 2023. The bulk targeted the electricity, gas, steam and air-conditioning supply industry accounting for P1.38 trillion or 70.9 percent of the total investments. Other key sectors included manufacturing, real estate activities, and transportation and storage
FOREIGNINVESTMENTS PHILIPPINES Q4 2024 PSA INVESTMENTS MANUFACTURING TRANSPORTATION ELECTRICITY JOBS ECONOMIC GROWTH
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