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CEBU CITY, Philippines — Total foreign investments approved for Central Visayas had increased by double-digits for 2021, latest data from the government showed.
The Philippine Statistics Authority (PSA) on February 15 recorded that the region received approximately P5.4 billion in approved foreign investments during the previous year.
It was a 41.2 percent increase compared to the P3.8 billion made in 2020 when the COVID-19 pandemic was at its peak.
However, the combined value of investment pledges for Central Visayas, both from foreign and local investors, dipped in 2021.
Data from PSA showed that the investments poured in the region in 2021 only totaled P14.5 billion, a 27.2 percent decrease compared to the approximately P20 billion recorded in 2020.
Foreign investments refer to the practice of business owners and firms of investing in a foreign country. These commitments turn into foreign direct investments, usually involving the establishment of business interest when materialized.
In 2021, the country posted P192 billion in total approved foreign investments, in which Central Visayas’ share accounted for 2.8 percent.
The total value of approved foreign investments for the Philippines in 2021 was a rebound compared to the P112 billion recorded in 2020.
Singapore was the top source of foreign investment pledges amounting to P80.2 billion or over two-fifths of the total and up 702.3 percent from only P9.9 billion in 2020.
On the flip side, the United States and China, which were the top two sources of 2020 commitments, both saw 2021 projects fall by nearly nine-tenths.
During the fourth quarter of 2021 alone, foreigners pledged P133.5-billion worth of projects to IPAs, three-folds bigger than the P36.5 billion a year ago.
The PSA’s report was based on foreign investments approved by the country’s seven investment promotion agencies (IPAs).
These seven IPAs are the Authority of the Freeport Area of Bataan (Afab), Board of Investments, BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Cagayan Economic Zone Authority (Ceza), Clark Development Corp. (CDC), Philippine Economic Zone Authority (Peza), Subic Bay Metropolitan Authority (SBMA). / with reports from INQUIRER.net
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