MANILA, Philippines — Investment commitments from foreign firms registered with investment promotion agencies (IPAs) rose by 30 percent year-on-year in the fourth quarter, leading to a 26 percent growth in the full-year 2022 tally amid the reopening of the economy.
Data released by the Philippine Statistics Authority (PSA) showed a total of P241.89 billion worth of foreign investments were approved by IPAs last year, higher than the P192.55 billion recorded in 2021.
In the fourth quarter last year, approved foreign investments reached P173.61 billion, up from the P133.47 billion in the same quarter in 2021.
These investments were registered with the following IPAs: Authority of the Freeport Area of Bataan, Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Philippine Economic Zone Authority, and Subic Bay Metropolitan Authority.
Sought for comment, Rizal Commercial Banking Corp. chief economist Michael Ricafort said in an email “the latest improvement in the foreign investment pledges data in 4Q (fourth quarter) 2022 and full-year 2022 may have to do with the reopening of the economy towards greater normalcy with no more restrictions as a policy priority, leading to higher sales, net income or earnings, employment or jobs or livelihood, more business or economic opportunities, thereby enabling foreign investors to be more decisive to locate or invest or expand in the country amid improved economic or business prospects.”
He also attributed the increase to the investment commitments following the visits made by government officials to different countries in recent months.
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