By Antonio Colina IV
DAVAO CITY – Various state investment promotion agencies in Mindanao approved some P15.84 billion in foreign investments in the third quarter of 2018, which represents 34.5 percent of the total P45.9 billion approved nationwide, a data released by the Philippine Statistics Authority (PSA) showed.
The PSA said the investment figures were based on the pledges approved by Board of Investments (BOI), Clark Development Corporation, Philippine Economic Zone Authority, and Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, BOI-Autonomous Region of Muslim Mindanao (ARMM), and Cagayan Economic Zone Authority.
At least 97 percent of the total foreign investments approved in Mindanao in the third quarter went to the five-province and nine-city Northern Mindanao with P15.452 billion, the highest among 17 regions in the Philippines.
The five-province and two-city ARMM had recorded the second highest foreign investments in Mindanao at P235.1 million, Zamboanga Peninsula (P94.3 million), Davao Region (P57.5 million), and SOCCSKSARGEN (P1.7 million).
The top investing country was British Virgin Islands at P15.5 billion, which represents 33.8 percent of the total approved foreign investments. Malaysia committed P10.7 billion and the Unites States, P4.5 billion, for various private-led investments.
At least P16.1 billion or 35 percent of the total investments would be in the electricity, gas, steam and air conditioning supply industry; real estate industry, P11.8 billion; manufacturing, P7.6 billion; administrative and support services activities, P6 billion; wholesale and retail trade, P2.7 billion; information and communication, P1.2 billion; mining and quarrying, P235.1 million; construction, P58.3 million; transportation and storage, P51.6 million; financial and insurance activities, P41 million; arts, entertainment and recreation, P22.1 million; human health and social work activities, P10.8 million; professional, scientific, and technical activities, P5.5 million; and accommodation and food services activities, P200,000.
Also, the PSA said the approved combined investments of foreign and Filipino nationals reached P259.7 billion in the third quarter of 2018, a decline of 5.3 percent compared with the P274.4 billion in the previous year.
The Filipino investors’ share is P213.9 billion worth of pledges or 82.3 percent of the total combined investments approved.
The investments are expected to generate 41,797 jobs, of which 87.6 percent would be generated by the foreign investors.