15-8-2023 (MANILA) The Philippines is witnessing a remarkable upswing in foreign investments, as the second quarter’s approved foreign investments surged to 59.09 billion pesos (equivalent to 1 billion U.S. dollars), marking a substantial year-on-year growth of 27.8 percent, as reported by the Philippine Statistics Authority (PSA) on Tuesday.
Among the contributors to this surge, Japan emerged as a prominent player, accounting for the highest investment commitment with an impressive amount of 20.36 billion pesos (about 358.57 million dollars). Notably, Singapore and the Cayman Islands also demonstrated substantial investment interest in the Philippines, bolstering its economic prospects.
Delving into the sectors that have reaped these investment inflows, the manufacturing industry stands out as the recipient of the largest share, capturing a significant 59.3 percent of the total investments. Following closely is the information and communication sector, followed by administrative and support service activities.
Moreover, the cumulative foreign and Filipino national approved investments painted a robust picture, reaching a substantial 317.23 billion pesos (approximately 5.59 billion dollars) during the second quarter. This figure represents an impressive surge of 218.4 percent compared to the approved investments registered in the corresponding quarter of 2022. The PSA’s data highlights a dynamic environment that is not only attracting foreign capital but also fostering a promising growth trajectory.
Notably, these substantial investments are expected to generate substantial employment opportunities, adding a boost to the nation’s economy. The second quarter’s approved investments are anticipated to create around 31,218 jobs, reflecting a remarkable 63.5 percent annual growth from the 19,094 employment opportunities generated in the same quarter of 2022.
