Saturday, March 17, 2012

News Update Foreign Direct Investments Hit P256B

MANILA, Philippines - Foreign direct investments (FDI) in 2011 posted the highest level since 1996, reaching P256.1 billion and surpassing the P241.1 billion pledges recorded in 1997.
The National Statistical Coordination Board (NSCB) reported that in the fourth quarter of 2011, total FDI approved by the six investment promotion agencies amounted to P165.8 billion, 42.2 percent higher than the P116.6 billion approved in the same period in 2010.
NSCB noted that the amount is the highest quarterly FDI turn out ever since the government started compiling consolidated approved FDIs and comes out of the commitments coursed through Philippine Economic Zone Authority (PEZA) which accounted for about 87.3 percent of the total FDIs.
The United States of America (USA), one of the country's constant sources of FDI was the top source of approved FDIs during the quarter as it shared 32.2 percent of the total FDI commitments.
Manufacturing, a consistent top recipient of FDI commitments, again topped all other industries as it stands to receive 54 percent or P89.5 billion.
Real estate activities came in second with investment pledges valued at P47.6 billion, contributing 28.7 percent, followed by electricity, gas, steam and air conditioning supply at P20.4 billion or 12.3 percent share.
Approved investments of foreign and Filipino nationals in the fourth quarter of 2011 posted a 2.3 percent increase to P227.5 billion from P222.4 billion registered in the same period of 2010.
Pledges from Filipino nationals stood at P61.7 billion which accounted for 27.1 percent of the total approved investments in the quarter.
Foreign and Filipino ventures approved by the six investment promotion agencies for the fourth quarter of 2011 are expected to create 53,585 jobs, increasing by 40.6 percent from previous year's projected employment of 38,101 jobs.
Out of these anticipated jobs, 78.2 percent or 41,920 jobs would come from projects with foreign interest. (EHL)