Investment promotion agencies (IPAs) dominated the foreign direct investment pledges in the first quarter of the year, logged by the Philippine Statistics Authority (PSA), the Board of Investments (BoI) said Friday.

The BoI said approved investment inflows from IPAs reached P42.64 billion, a 52.31 percent increase from P27.99 billion compared to the same period last year.

Trade Undersecretary and BoI managing head Ceferino Rodolfo said the first-quarter performance signals sustained momentum for the rest of the year, reflecting both the resilience of the Philippine investment landscape and the impact of reforms and targeted promotion efforts.

Strong Q1 performance

“This strong first-quarter performance sets the tone for sustained foreign investment inflows in the months ahead, driven by ongoing reforms, improved ease of doing business, and proactive investment promotion,” Rodolfo said.

South Korea emerged as the Philippines’ top source of foreign investments, contributing P25.37 billion or 59.51 percent of total approvals during the period, trailed by Singapore and China with P3.18 billion and P2.54 billion, respectively.

Total IPA-approved investments

Meanwhile, the total IPA-approved investments reached P125.95 billion in the first quarter, with domestic investments accounting for P83.31 billion, projected to generate 21,623 jobs for Filipinos, supporting employment creation and economic activity.

Among IPAs, the BoI remained the largest contributor to total approvals, registering P58.20 billion from 50 projects.

Of the total, P5.24 billion was foreign investments, while P52.96 billion was local investments, expected to generate 6,226 jobs.

Within BoI-approved foreign investments, Singapore led contributions with P2.97 billion, followed by China with P762.80 million and the United States with P489.35 million.

Other notable sources included the Netherlands and Canada.