₱284.8-B approved foreign investments in Mindanao

DAVAO CITY – Approved foreign investments in Mindanao reached

₱284.8 million in the first quarter of 2019, lower than the ₱1.650 billion approved in the same period last year, according to the Philippine Statistics Authority (PSA).

Of these foreign investments, the five-province, six-city, and 43-municipality Davao Region contributed

₱189.5 million. Northern Mindanao’s share was ₱8 million while Soccsksargen’s was ₱87.3 million.

Mindanao’s total investments represented 0.61 percent of the ₱45.984 billion approved foreign investments in the first quarter of this year. Central Luzon would receive

₱22.106 billion of the foreign investments approved, the biggest among the country’s 17 regions. The Calabarzon came in second with ₱15.7 billion.

The data on the foreign investments were culled from the government’s seven investment promotion agencies such as the Board of Investments, Clark Development Corporation, Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, BOI-Autonomous Region of Muslim Mindanao (BOI-ARMM), and Cagayan Economic Zone Authority.

PSA said the Netherlands emerged as the top investing country with ₱10.1 billion, representing 22 percent of the total foreign investments approved. Japan, which committed ₱9.4 billion, came in second and Thailand’s ₱8.5 billion was third.

₱35 billion or 76.1 percent of the foreign investments were in manufactur

ing. Investments in administrative and support service activities were valued at ₱3.5 billion or 7.7 percent, and accommodation and food service activities recorded ₱2.9 billion or 6.4 percent of total foreign investments.

The investments are expected to generate 41,837 jobs, according to PSA.