Philippine approved foreign investment up by 86.6% in Q3

The approved foreign investment in the Philippines significantly increased in the third quarter of this year to 33.1 billion peso (755.7 million U.S. dollars), up 86. 6 percent over the figure a year ago, senior government official said Tuesday. Jose Ramon Albert, Secretary General of the National Statistical Coordination Board (NSCB), said the total approved foreign investments for the first nine months reached 126.5 billion pesos (2.88 billion U.S. dollars), increasing by 114.8 percent from the amount recorded last year. British Virgin Islands was the top prospective investing country, pledging 10.3 billion pesos, or 31.1 percent share in the third quarter. This was followed by Japan and the Netherlands, committing 5.9 billion pesos and 4.4 billion pesos, or 18 percent and 13.2 percent of the total approved foreign investments, respectively, during the third quarter. Manufacturing industry contributed the largest amount of committed foreign investments in the third quarter worth 11.2 billion pesos, followed by electricity, gas, steam, and air conditioning supply with investment pledges valued at 9.5 billion pesos. Accommodation and food service activities came in third with 4.5 billion pesos investment pledges. Meanwhile, approved investments of foreign and Filipino nationals rose by 26 percent to 189.4 billion pesos in the third quarter from 150.3 billion pesos a year ago. The approved projects of foreign and Filipino investors for the third quarter were expected to generate 39,314 jobs. (1 U.S. dollar equals to 43.8 pesos)