FOREIGN INVESTMENT APPROVALS UP 61% IN Q3

FOREIGN

Data released by the Philippine Statistics Authority (PSA) showed that seven monitored investment promotion agencies (IPAs) had foreign pledges, up 61.1 percent from P26.71 billion a year earlier.

However, for the first three quarters of the year, total approved foreign investments fell 9.9 per billion in 2016.

In the third quarter, only three of the seven IPAs recorded year-on-year growth: the Philippine Economic Zone Authority, the Authority of the Freeport Area of Bataan, and Clark Development Corp.

Posting year- on- year drops were the Board of Investments ( BOI), the Cagayan Economic Zone Authority, and the Subic Bay

- lion worth of approved investments, but has no comparable record of investment approvals for the threemonth period a year earlier.

Japan was the top prospective investing country in the quarter, - - cent of total foreign investment followed with P8.9 billion (20.6 percent), respectively.

- manufacturing sector, followed by real estate (P10.1 billion) and administrative and support services (P2.9 billion).

- billion.

Approved investments of Filipinos and foreigners more than dou billion in the previous year.

Filipinos continued to dominate the investments approved in

Projects of foreign and Filipino investors approved by the seven IPAs in the third quarter are ex come from projects with foreign interest.

FINL revision

- ning Secretary Ernesto Pernia said the approval of the revised Foreign Investment Negative List (FINL) that is seen to spur foreign direct investments in the country would happen early next year.

“We cannot have a NEDA (National Economic and Development Authority) Board meeting by year-end,” he added.

In November, President Duterte that ordered the board to ease restrictions on foreign participation in eight investment areas.

for local and overseas employment; practice of particular professions, where allowing foreign participation will redound to the public repair locally funded public works; teaching at higher education levels; retail trade enterprises; and domestic market enterprises.