Business projects slide 22%

Proposed business projects are declining based on the latest data released by the Philippine Statistics Authority.

Foreign investors’ proposals in the third quarter declined by 22.4 percent to P13.05 billion from P16.82 billion a year ago, PSA data showed.

According to PSA, commitments for the quarter were mainly driven by investments from Japan (34.5 percent), followed by South Korea (15.5 percent) and Singapore (12.6 percent).

Japan committed P4.5 billion, while South Korea and Singapore pledged P2.02 billion and P1.64 billion, respectively.

These investments were pledges from Board of Investments, Clark Development Corporation, Philippine Economic Zone Authority, and Subic Bay Metropolitan Authority.

“No foreign investment approvals were reported from the Authority of the Freeport Area of Bataan, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Cagayan Economic Zone Authority, Poro Point Management Corporation, and Tourism Infrastructure Economic Zone Authority for the third quarter of years 2021 and 2022,” the PSA wrote in an advisory.

Manufacturing gets P7,2B

Manufacturing, which bested all other industries, is expected to receive P7.20 billion, or 55.2 percent of the total foreign investment pledges.

Administrative and Support Service Activities came in second with investment commitments valued at P3.38 billion or 25.9 percent share, followed by Real Estate Activities with P1.35 billion or 10.3 percent contribution.

GRAPH COURTESY OF BSP GROWTH in cash transfers from the United States, Saudi Arabia, Singapore, and Qatar contributed largely to the increase in remittances in the first three quarters.