Total foreign investments approved declined in 2012

By Jennifer A. Ng, BusinessMirror

Posted at Jan 22 2013 08:17 AM | Updated as of Jan 22 2013 05:24 PM

MANILA, Philippines - Total foreign investments approved in the third quarter of 2012 by Philippine investment promotion agencies declined by 36.7 percent to P17.7 billion, the National Statistical Coordination Board (NSCB) said.

The NSCB added that total approved foreign investments for January to September 2012 were also down by 4.7 percent to P90.3 billion.

It said that the top three investing countries for July to September 2012 were Cayman Islands, Japan and

“Cayman Islands bested other countries as it pledged P4.8 billion or 27.3-percent share during the quarter,” NSCB Secretary-General Jose Ramon G. Albert said in a report.

Japan committed P4.2 billion in investments, accounting for 23.7 percent of foreign investments, while Singapore pledged P1.3 billion or 7.4 percent of total foreign investments for the period.

The NSCB said that manufacturing remains the top industry preferred by investors as its share to total foreign commitments reached P6.7 billion, representing a 36.7-percent share during the quarter.

“Electricity, gas, steam and air-conditioning supply came in second with investment pledges valued at P4.9 billion, contributing 27.5 percent, followed by administrative and support service activities at P2.1 billion or an 11.9-percent share,” it added.

Meanwhile, approved investments of foreigners and Filipinos reached P150.3 billion in July to September, 24 percent lower than the previous year’s P197.9 billion.

Filipinos continued to dominate investments approved during the quarter, accounting for 88.2 percent or P132.6 billion.

The bulk of the investments committed by foreigners and Filipinos in the third quarter is intended to finance activities in electricity, gas, steam, air-conditioning supply and real estate.

Proposed projects that will be funded by these investments are expected to create 33,295 jobs, declining by 18.5 percent from the previous year’s projected 40,860 jobs.