Manila, Philippines – The government has approved P72.36 billion in fresh foreign investments into economic zones in the first half, with South Korean companies leading the list.
The January-June tally was up by 59.1% compared to the P45.48 billion investments that were given the green light by the Philippine Economic Zone Authority (PEZA) year-on-year.
In June alone, the agency approved 31 new and expansion projects that are expected to bring in P6.02 billion, or less than a tenth of the six-month haul.
Rounding up the top five locators are Americans, Chinese, Dutch, and Japanese investors, PEZA said in a statement on Wednesday.
A total of 133 projects account for the P72-billion investments that PEZA announced, generating 32,983 direct jobs, or 30.58% more year-on-year. The fresh funds will mainly go to food and beverage manufacturers, followed by ecozone development and information technology.
“During these months, 8 big-ticket projects were also approved, bringing in above PhP 50 billion investments,” PEZA said in a statement.
The PEZA-approved investments are different from the foreign direct investments that the central bank periodically reports as the latter are reflected on the country’s balance of payments.
