Foreign investment approvals jump 59% in the first half

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.

NewsWatch Plus Business News anchor Lois Calderon contributed to this story.