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Gov't-approved foreign investments down 45 pct in Q3

by December 20, 2016 General

MANILA – Government-approved foreign investments went down 45 percent in the third quarter of the year amid global uncertainty, the Philippine Statistics Authority (PSA) said Tuesday.

The country’s total investments from overseas dropped to P26.7 billion in the July to September period, down from the P48.6 billion posted in the same period last year.

Last quarter’s investments brought total approved investments for the first nine months of the year to P93.3 billion, also lower by 12.4 percent from the P106.6 billion in the previous year.

The top three prospective investing countries in the third quarter were South Korea with P6.5 billion; United States with P4.6 billion; and Singapore with P4.1 billion.

The largest amount of approved foreign investments were in electricity, gas, steam, and air conditioning supply with P13.2 billion or 49.4 percent share of the total.

Bulk of the approved foreign investments was for finance projects in the National Capital Region, amounting to P5.5 billion or 20.4 percent.

“Total projects of foreign and Filipino investors approved by the seven investment promotion agencies for the third quarter of 2016 are expected to generate 33,590 jobs. Out of the total anticipated jobs for the period, 83.2 percent would come from projects with foreign interest,” PSA said.