With businesses expressing strong confidence in the Marcos administration, approved total foreign investments more than tripled in the second quarter to P189.50 billion from P59.09 billion in the same period in 2023, the Philippine Statistics Authority (PSA) said in its latest report.
According to the PSA data, the investment pledges were recorded from six Investment Promotion Agencies – the Board of Investments, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, and Zamboanga City Special Economic Zone Authority.
"The electricity, gas, steam, and air conditioning supply industry received the largest amount of approved FI at P172.74 billion or 91.2% of the total approved FI," the PSA said.
The PSA said Switzerland was the most significant source of investment pledges, amounting to P172.04 billion or about 90.8% of the total pledges.
Japan followed it with P7.68 billion and Malaysia with P4.53 billion.
This was followed by manufacturing with P12.39 billion and administrative and support service activities with P2.84 billion.
Among the regions in the country, Negros Island received the largest share of investment pledges amounting to P86.46 billion.
Calabarzon followed this with P6.93 billion and Central Visayas with P4.35 billion.
The PSA said the total investment pledges of foreign and Filipino nationals grew by 125.4% to P715.01 billion from P317.23 billion in the second quarter of 2023 and are expected to generate 26,915 jobs.
It noted that of the total investment pledges in the second quarter, Filipino nationals contributed P525.51 billion.
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