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Foreign investments approved in the second quarter of 2024 surged 220.7% to P189.50 billion from P59.09 billion in the same quarter last year
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The investments are from six of the 13 investment promotion agencies that reported investment pledges during the second quarter
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Switzerland posted the highest investment commitment amounting to P172.04 billion or 90.8% of the total
Foreign investments approved in the second quarter of 2024 surged 220.7% to P189.50 billion from P59.09 billion in the same quarter last year, according to the Philippine Statistics Authority.
The investments are from six of the 13 investment promotion agencies that reported investment pledges during the second quarter, including the Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), Clark Development Corp., Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, and Zamboanga City Special Economic Zone Authority.
For the first six months of the year, approved foreign investments reached P337.93 billion.
Of the total approved foreign investments in the second quarter, 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%).
Electricity, gas, steam, and air conditioning supply industry received the largest amount of approved foreign investment at P172.74 billion or 91.2% of the total. Manufacturing followed with P12.39 billion (6.5) and administrative and support service activities with P2.84 billion (1.5%).
Among the regions, Negros Island Region received the largest share of pledged investment amounting to P86.46 billion or 45.6% of the total. This was followed by CALABARZON with P6.93 billion, and Central Visayas with P4.35 billion.
Including investments of Filipino nationals, total approved investments for the second quarter reached P715.01 billion, up 125.4% from P317.23 billion reported in the same quarter last year.
Filipino nationals contributed 73.5% or P525.51 billion to the total, 104% higher than the P258.14 billion reported in the second quarter of 2023.
Approved investments of foreign and Filipino nationals in the second quarter of 2024 were expected to generate a total of 26,915 employment. 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.
