Foreign investments up 87% in Q1

Total foreign investments approved by seven investment promotion agencies surged by 86.7 percent to P34.6 billion in the first quarter of the year from P18.5 billion a year ago.

These agencies are the Board of Investments, Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, BOI-Autonomous Region of Muslim Mindanao and Cagayan Economic Zone Authority, according to the National Statistical Coordinating Board (NSCB).

NSCB data showed accommodation and food service activities accounted P19.5 billion, or 56.5 percent, of the amount posted in the period.

The manufacturing sector came in second with P7.6 billion, followed by real estate with P2.7 billion.

British Virgin Islands, Japan and the Netherlands were the top three investment sources in the first quarter. Firms registered in British Virgin Islands accounted for P19.6 billion, or 56.6 percent, of the total foreign investment registration in the quarter. Japan and the Netherlands followed with P5.2 billion and P2.2 billion, respectively.

In the meantime, approved investments of Filipino companies also surged by 114.8 percent to P54.8 billion in the first quarter, from P25.5 billion a year ago.

The amount brought the total approved investments of both Filipino and foreign nationals to P89.4 billion, or double the P44 billion worth of investments approved a year ago.

Projects from foreign and Filipino investors approved in the first quarter of 2013 are seen to generate 33,746 jobs. Of the total, 81.8 percent or 27,620 jobs would come from projects with foreign interest.