Approved foreign investments in Philippines drop by 45.8 pct in Q3

Total foreign investments (FI) approved in the Philippines in the third quarter dropped by 45.8 percent compared with the same period of 2020, reaching 16.82 billion pesos (334 million U.S. dollars), the Philippine Statistics Authority (PSA) said on Tuesday.
The PSA said the foreign investment commitments for the third quarter were mainly driven by investments from Japan, the Netherlands and British Virgin Islands.
The manufacturing industry tops all other industries to receive 11.01 billion pesos (220 million dollars) or 65.5 percent of the total FI pledges.
The real estate activities came in second with investment commitments valued at 2.70 billion pesos (53.6 million dollars) or 16.0 percent share, followed by administrative and support service activities with 2.38 billion pesos (47 million dollars) or 14.2 percent FI contribution, added the PSA.
The approved projects with foreign interest from July to September were projected to generate 10,268 jobs based on reports of the investment promotion agencies, said the PSA.