by FFE PH News staff

The approved foreign investments for the Philippines in the third quarter of 2013 have increased to more than three-fourths from last year, according to the National Statistical Coordination Board (NSCB).

Source: NSCB

This year’s third quarter foreign investment (FI) approved by seven investment promotion agencies amounted to P33.1 billion, an 88.6 percent increase from the P17.7 billion recorded in the same period last year.

The Netherlands is listed as one of the top foreign countries to pledge investment to the Philippines. Its pledge amounted to P4.4 billion, 13.2 percent of the total FI.

Japan and the British Virgin Islands, the top two countries, pledged P10.3 billion and P5.9 billion worth of FI respectively.

The largest amount of committed foreign investments in the third quarter of 2013 came from the manufacturing industry, contributing 33.9 percent of the total investment pledges.  It was followed with 28.8 percent from the electricity, gas, steam, and air conditioning supply and food service activities with 13.7 percent.

The total approved FI for the first nine months of 2013 also increased to P126.5 billion, more than doubled from last year’s P58.9 billion.