PSA: Approved Foreign Investments Reach P189.50 Billion in the Q22024

According to PSA, the Total Foreign Investments (FI) approved in the second quarter of 2024 was recorded at P189.50 billion, an increase of 220.7% from the P59.09 billion total FI in the same quarter of 2023. Among the 13 Investment Promotion Agencies (IPAs), six (6) reported foreign investment pledges which were as follows: Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA), and Zamboanga City Special Economic Zone Authority (ZCSEZA).

Of the total approved FI for the second quarter of 2024, Switzerland posted the highest investment commitment amounting to P172.04 billion or 90.8%. It was followed by Japan at P7.68 billion (4.1%), and Malaysia at P4.53 billion (2.4%).
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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. This was followed by Manufacturing with P12.39 billion and Administrative and support service activities with P2.84 billion, or shares of 6.5% and 1.5%, respectively.
 
Among the regions in the country, Negros Island Region received the largest share of pledged investment amounting to P86.46 billion or 45.6% of the total approved FI for the second quarter of 2024. This was followed by CALABARZON with P6.93 billion and Central Visayas with P4.35 billion. These accounted for 3.7% and 2.3% and 2.3% of the total FI, respectively. 

The total approved investments of foreign and Filipino nationals reached P715.01 billion, an increase of 125.4% from the reported amount of P317.23 billion in the same quarter of the previous year. Filipino nationals contributed P525.51 billion or 73.5% share to the total approved investments during the second quarter of 2024.

Approved investments of foreign and Filipino nationals in the second quarter of 2024 were expected to generate a total of 26,915 employments. This indicates a decline of 13.8% from the 31,218 expected employment in the same quarter of the previous year. Out of the total generated employment, 18,135 employments would be absorbed by foreign investment projects.