NSCB - Press Statement - First quarter 2008 approved FDI up by 11.7 percent

First quarter 2008 approved FDI up by 11.7 percent
(PR-200805-ES4-04, Posted 22 May 2008)

Foreign direct investments (FDI) approved in the first quarter of 2008 by the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) totaled to PhP 20.0 billion from PhP 17.9 billion in the same quarter a year ago, higher by 11.7 percent.

The manufacturing industry continued to be the top recipient of FDI pledges as it stands to receive 78.7 percent or PhP 15.7 billion of the total FDI approved during the quarter. Private services, mostly in the area of information and communication technology (ICT) such as call centers, business process outsourcing and software development, came in next with PhP 3.0 billion worth of investment pledges, corresponding to 15.2 percent of the total approved FDI.

Korea topped the list of foreign investors, pledging PhP 8.5 billion or 42.6 percent of the total FDI committed for the quarter. Majority of Korea’s investments were intended to fund shipbuilding projects.

The United States of America (USA) and Japan which consistently remained among the top three investors, pledged PhP 3.8 billion and PhP 2.8 billion, respectively, comprising 19.1 percent and 14.1 percent of the total approved FDI.

A total of 31,132 jobs are expected to be generated from the FDI projects approved by the BOI, CDC PEZA and SBMA in the first quarter of 2008, up by 13.2 percent from the 27,494 jobs in the same period in 2007

Almost all (97.4 percent) of the FDI pledges made in the first quarter of 2008 came from PEZA, which approved PhP 19.5 billion worth of investments. Among the investment promotion agencies (IPAs), only PEZA and CDC registered increases in investment approvals. Investment applications received by BOI and SBMA this quarter were much less compared to the same period last year.

ROMULO A. VIROLA
Secretary General

Contact Persons:

Ms. Regina S. Reyes/ Ms. Luzviminda S. Mitra
Tel. No.: (+6 32) 895-5002; (+6 32) 896-7981
E-mail: rs.reyes@nscb.gov.ph; ls.mitra@nscb.gov.ph;

The Foreign Direct Investments Hompage


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