INVESTMENT pledges in January to April dropped by 5.1 percent to P234.81 billion, from P247.51 billion in the same period last year, as pledges from the country’s top foreign investors declined by double digits.
Approved fresh projects by the Board of Investments (BOI) in the first four months improved to P195.72 billion, up by 27.8 percent from P153.11 billion last year. However, pledges committed to the Philippine Economic Zone Authority (Peza) declined by 58.6 percent to P39.09 billion, from the previous year’s P94.39 billion.
The January-to-April stretch also saw foreign investments down by 26.5 percent. Investments from the United States, the United Kingdom, Singapore and the Netherlands—second to fifth largest sources of overseas investment pledges—declined by double digits.
Investments from the US and the UK fell by 20.8 percent and 57.6 percent, respectively. Pledges from Singapore dropped by 76.8 percent, while the Netherlands had the largest decline among top origins of foreign investments at 84.7 percent.
Japan remained as the country’s primary source of fresh projects. It poured in P8.8 billion in the first four months, more than triple the previous year’s P2.43 billion.
Onshore investments also dipped by 2.3 percent to P213.41 billion in January to April, from last year’s P218.39 billion.
The largest share by industry came from electricity, gas, steam and air-conditioning supply at 44.4 percent. Investments in the sector grew by 191.6 percent to P104.35 billion, from P35.78 billion recorded a year ago.
On an annual basis, transportation and storage also expanded by a whopping 1,532.5 percent to P37.52 billion, from P2.30 billion, while real-estate activities fell by 72.9 percent to P32.86 billion, from P121.17 billion. The two investment areas accounted for the second- and third-largest shares.
Manufacturing investments declined in the January-to-April period by 9.7 percent to P29.66 billion, from last year’s P32.83 billion. Investments in water, supply, sewerage and waste management accelerated to P13.87 billion, from P10 million.
Investments in construction and public-private partnership projects, as well as administrative and support service activities, also declined. Government data showed that investments in agriculture, forestry and fishing; accommodation and food service activities; and information and communication ballooned.
The BOI is targeting to expand investment pledges to an all-time high of P680 billion this year, while the Peza is aiming for a 10-percent growth.