Approved foreign investments in the third quarter surged by 434.4 percent to P146.75 billion from P27.46 billion recorded in the same period a year ago, reflecting the largest inflows from South Korea.

The Philippine Statistics Authority (PSA) on Thursday reported the growth in approved foreign investments raised total investments to P541.29 billion, higher by 542.1 percent from P84.29 billion last year.

For the third quarter, South Korea emerged as the top growth driver as it committed investments amounting to P53.72 billion.

This was followed by Switzerland which registered investments worth P51.84 billion and Japan which added P15.96 billion.

In terms of industries, manufacturing received the largest approved foreign investments worth P70.57 billion or 48.1 percent of the total amount.

This was followed by electricity, gas, steam and air conditioning supply with P51.92 billion and real estate with P13.13 billion from foreign investments.

CALABARZON top capital destination

The bulk of foreign investments was poured to the CALABARZON region which secured a 40.1 percent share and received P58.86 billion in such investments.

Bicol Region followed as it recorded P51.84 billion in foreign investments, while Central Luzon ranked third as it drew P15.2 billion.

The National Statistics Office collected data on the approved foreign investments from six investment promotions agencies: Board of Investments (BoI), BoI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corporation, Cagayan Economic Zone Authority, Philippine Economic Zone Authority and Subic Bay Metropolitan Authority.

National Statistician and Civil Registrar General Dennis Mapa said the new foreign investments will provide 19,265 jobs to Filipinos, in addition to the projected 14,462 jobs from locals’ investments.

As a result, Mapa said the total employment will increase by 49.4 percent once the investments materialize.

Data on the approved foreign investments came after the government enacted several investment reforms, such as the Retail Trade Liberalization Act.

“Major sources of foreign investments for the country, manifesting improved foreign relations that also helped realize more foreign investments into the country,” Ricafort said.