Total foreign investments (FI) approved in the second quarter of 2021 reached P22.50 billion, 45.5% higher compared with P15.46 billion in the same quarter in 2020.
These investment pledges were from six investment promotion agencies (IPAs), namely: Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA), Authority of the Freeport Area of Bataan (AFAB), and Cagayan Economic Zone Authority (CEZA). No investment approvals from foreign nationals were reported by BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM).
The FI commitments for the second quarter of 2021 were mainly driven by investments from the United Kingdom (UK) which accounted for 55.6% of the total approved FI, followed by South Korea (10.0%) and the United States of America (USA, 9.5%). UK committed P12.52 billion, while South Korea and USA pledged P2.25 billion and P2.13 billion, respectively.
Information and Communication industry bested all other industries as it stands to receive P12.53 billion or 55.7% of the total FI pledges. Construction came in second with investment commitments valued at P3.62 billion or 16.1% share, followed by Manufacturing with P2.27 billion or 10.1% FI contribution.
Majority of the approved foreign investments during the second quarter of 2021 amounting to P12.52 billion (55.6%) is intended to finance projects classified as “nationwide” or situated in different parts of the country. This was followed by Region III (Central Luzon) with P3.66 billion (16.3%) and Region IVA (CALABARZON) with P2.11 billion (9.4%).
In the second quarter of 2021, approved projects with foreign interest were projected to generate 17,013 jobs based on reports of the IPAs. (PSA)-rir
