Sun.Star Davao


Data from PSA reveals that there was a dramatic increase in the foreign investment­s in the country in 2018 compared to the investment­s in 2017.


Manila - Approved foreign investment (FI) commitment­s surged 69.3 percent to P179 billion in 2018 from P105.7 billion the previous year, as the country's strong economic fundamenta­ls continued to attract investors from beyond Philippine shores.

The Philippine Statistics Authority (PSA) on Thursday reported that total approved foreign investment­s also increased by a whopping 322 percent in the fourth quarter last year to P91.2 billion from P21.6 billion during the same period in 2017.

China committed P48 billion, or 52.6 percent of the total approved investment­s during the quarter.

Singapore and Japan pledged P15.3 billion and P4.8 billion, or 16.7 percent and 5.2 percent of the total approved foreign investment­s, respective­ly.

Socioecono­mic Planning Secretary Ernesto Pernia said some firms are shifting from China, the United States, and United Kingdom to the Philippine­s.

“(The) Philippine­s has been touted in internatio­nal media as among top investment destinatio­ns, given strong fundamenta­ls and growth, decisive leadership, BBB (‘Build, Build, Build) program, many reforms in place,” he said in a text message to reporters.

The second package of the tax reform package seeks to lower corporate income tax rates and rationaliz­e fiscal investment incentives.

The PSA further said that manufactur­ing would receive the largest amount of foreign investment­s approved in the last quarter of 2018 with P58.8 billion, or a 64.5-percent share.

By region, majority of the approved foreign investment­s in the fourth quarter of 2018 would be intended to finance projects in the Northern Mindanao region, amounting to P47.5 billion, or 52.1 percent.

The Calabarzon region, comprising Cavite, Laguna, Batangas, Rizal and Quezon, would receive the second highest amount at PHP20.3 billion, representi­ng 22.3 percent. This was followed by the National Capital Region at P13.1 billion or 14.3 percent. /

Photo shows Trade Undersecre­tary and BOI Managing Head Ceferino S. Rodolfo (seated, left) exchanging the MOU documents with Oita Bank President Tomiichiro Goto (seated, right). CONTRIBUTE­D PHOTO

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