NextGen Day

According to data released on Thursday by the Philippine Statistics Authority (PSA), registered investments in investment promotion agencies (IPAs) from both domestic and international sources increased by 17% to PHP478.16 billion in the fourth quarter of 2022 from PHP408.54 billion in the same quarter the year before.

According to the PSA, these investment projects will create 37,766 employees.

The Board of Investments (BOI) recorded the most approvals from October through December, totaling PHP366.7 billion, or 76.7% of all investment approvals.

Following this are the Subic Bay Metropolitan Authority (SBMA), with a total project registration of PHP7.24 billion, and the Philippine Economic Zone Authority (PEZA), with investment pledges totaling PHP101.07 billion, or sharing 21.1 percent of the total approved investments in the last quarter of the previous year.

Information and communication, with registered projects totaling PHP198.74 billion, electricity, gas, steam, and air conditioning supply, at PHP96.03 billion, and real estate activities, at PHP96.01 billion, made up the top three industries with the highest approvals.

Area 4-A (Calabarzon), which will receive PHP97.8 billion worth of projects, would receive the majority of these investments, followed by Region 1 (Ilocos), which will receive PHP89.74 billion worth of projects, and Region 3 (Central Luzon), which will receive PHP41.01 billion worth of projects.

The overall amount of permitted foreign investments, on the other hand, climbed by 30.1 percent to PHP173.61 billion in the fourth quarter of 2022 from PHP133.74 billion in the corresponding quarter of 2021.

Singapore contributed the majority of the fourth quarter of 2022’s foreign investment pledges (64.2 percent), followed by Japan (21.5 percent), and (the) United Kingdom (5.9 percent). Japan and (the) United Kingdom donated PHP 37.41 billion and PHP 10.22 billion, respectively, while Singapore committed PHP 111.47 billion, PSA reported.

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