Foreign direct investments (FDI) approved in the third quarter of 2008 by the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) expanded by 70.6 percent, from its 2007 level of PhP 34.9 billion to PhP 59.6 billion.
The Netherlands topped all other countries in FDI commitments pledging 61.8 percent of the total FDI applications or PhP 36.8 billion for the quarter. Almost all of Netherlands’ commitments are intended to fund projects in the electricity industry, particularly, power generation. Substantial amount of pledges were likewise contributed by Japan, USA, United Kingdom and Germany during the period.
Electricity is again the top recipient of FDI pledges as it stands to receive 65.9 percent of the total approved FDI for Q3 2008 or PhP 39.3 billion worth of investments. Since 2007, the electricity sector, has been getting large amount of investment pledges. particularly on power generation. Manufacturing and private services shared 29.1 percent and 4.7 percent of total FDI valued at PhP 17.3 billion and PhP 2.8 billion, respectively.
A total of 23,977 jobs are expected to be generated from the FDI projects approved in Q3 2008, down by 39.3 percent from last year’s projected employment of 39,496 jobs.
For the third quarter of 2008, BOI approved PhP 40.1 billion worth of investments, accounting for 67.3 percent of total FDI while PEZA shared 31.8 percent valued at PhP 18.9 billion. Investments registered through SBMA and CDC totaled PhP 554.0 million for a combined share of 0.9 percent