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Approved foreign investments into Philippines up 109.3 pct in Q3

MANILA
2023-11-14 14:16

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MANILA, Nov. 14 (Xinhua) -- The approved foreign investments into the Philippines in the third quarter reached 27.3 billion pesos (roughly 486.72 million U.S. dollars), marking a year-on-year increase of 109.3 percent, the Philippine Statistics Authority (PSA) said on Tuesday.

The manufacturing industry received the largest amount of approved investments, equivalent to 60.2 percent of the total, while administrative and support service activities came second, and real estate activities third.

Singapore posted nearly half of the foreign investment commitment, amounting to 13.04 billion pesos (232.5 million dollars).

The PSA also added that the total approved investments of foreign and Filipino nationals reached 83.5 billion pesos (1.49 billion dollars) in the third quarter, 47.6 percent lower than the approved investments recorded in 2022.

The total approved investments in the third quarter are expected to generate 22,571 jobs, a 20.7 percent decline from those created in the same quarter of 2022.
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