The country’s foreign investment pledges in the third quarter of this year plunged by 45.8 percent, data from the Philippine Statistics Authority showed.
Based on the latest Approved Foreign Investments report, foreign investments dropped to P16.82 billion in the third quarter of this year from P31.03 billion in the same period a year ago.
“Approved foreign investments represent investment commitments and pledges by foreigners regardless of percentage of ownership of the ordinary shares, which may be realized in the near future,” PSA said.
Bulk of approved foreign investments for the period came from Philippine Economic Zone Authority (Peza).
However, investments approved by Peza slipped by 27.6 percent year-on-year to P14.68 billion from P20.28 billion.
Meanwhile, pledges approved by the Board of Investments plunged by 90.5 percent to P1.01 billion from P10.63 billion in the third quarter of last year.
Other foreign investment pledges were approved by Clark Development Corporation (P847.3 million) and Subic Bay Metropolitan Authority (P290 million).
Of the investing countries, Japan led the list as it intended to pour P11.16 billion or 66.4 percent of the total foreign investment pledges. This was higher by more than three-fold compared with P3.31 billion recorded in the previous year.
Trailing Japan are the Netherlands and the British Virgin Islands, with pledges amounting to P1.56 billion (9.2 percent) and P698.3 million (4.2 percent), respectively.
Foreign investment pledges recorded during the period are projected to generate 10,268 jobs.
By industry, the manufacturing sector would receive P11.01 billion or 65.5 percent of the total foreign investment pledges, followed by real estate with P2.7 billion or 16 percent and administrative and support service activities with P2.38 billion or 14.2 percent.
Majority of the foreign investment pledges were intended to finance projects in Calabarzon (P8.45 billion). Other regions, which cornered big chunks of the total are Ilocos Region (P3.4 billion), Central Luzon (P2.12 billion), and the National Capital Region (P2.1 billion).