Manila: Approved foreign investment pledges (FI) reached PHP67.38 billion in the second quarter of the year, the Philippine Statistics Authority (PSA) said. In a report released Thursday, the PSA noted that these investment pledges were approved by several key agencies including the Authority of the Freeport Area of Bataan, Board of Investments, Bangsamoro Board of Investments, Clark Development Corporation, Clark International Airport Corporation, Philippine Economic Zone Authority, and Subic Bay Metropolitan Authority.

According to Philippines News Agency, PSA data showed that Singapore was the leading source of FI pledges, contributing PHP53.48 billion, which constituted 79.4 percent of the total approved FI. The United States followed with pledges amounting to PHP3.96 billion, while the Netherlands committed PHP1.91 billion.

The Bicol region emerged as the top recipient of FI pledges, securing PHP32.21 billion or 47.8 percent of the total. This was followed by Calabarzon with PHP21.39 billion and Central Luzon with PHP4.05 billion. Meanwhile, the PSA reported that the total approved investments from both foreign and Filipino nationals reached PHP299.08 billion in the second quarter.

These investments are anticipated to create 38,234 employment opportunities, marking a 41.7 percent increase from the 26,981 jobs projected during the same period in 2024. The PSA highlighted that projects within the electricity, gas, steam, and air conditioning supply industry accounted for the largest share, with investments totaling PHP235.62 billion or 78.8 percent of the approved investments. The manufacturing sector and information and communication industry attracted investments of PHP30.63 billion and PHP9.45 billion, respectively.