Approved FDI in first quarter plunges 52.8% - NSCB

The interest of foreigners in investing in the Philippines waned in the first three months of the year, according to data released by the government Friday. Citing data from other government agencies, the National Statistical Coordination Board said the total foreign direct investments approved in the first quarter by the four major investment promotion agencies reached P22 billion, 52.8-percent lower than the FDI approved in the same period last year. "Except for the Board of Investments (BOI), the other IPAs namely Clark Development Corp. (CDC), the Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) suffered setbacks in FDI," the NSCB said. The SBMA and CDC registered the highest declines of 93.7 and 92 percent, respectively. The US led all other countries with investments pledges in the Philippines with P6.7 billion or 30.6 percent of the total FDI approved during the period. US was followed by Japan and Korea at P4.7 billion and P3.8 billion, respectively. Manufacturing remained as the top recipient of FDI commitments as it stands to receive 76.1 percent of the total approved FDI. Despite the decline in approved FDI, the NSCB said the combined approved investments of foreign and Filipino nationals reached P161.9 billion in the quarter, 76.5-percent higher over last year's P91.8 billion. "Filipino nationals more than made up for the decrease in FDI by committing P139.9 billion in investments for Q1 2011, more than three times the P45.1-billion committed a year ago," the NSCB added. Foreign and Filipino ventures approved in the first quarter are expected to create 41,205 jobs. -- CMA/OMG, GMA News