Photo shows an aerial view of Cebu IT Park, home to the province’s call center and IT-BPM companies. Throughout the years, the industry has generated thousands of jobs and investments in Cebu. /Contributed photo
Philippine government-approved investments surged over sixfold in the third quarter of this year, with nearly 75 percent coming from local investors.
According to the Philippine Statistics Authority (PSA), total approved investments from foreign and Filipino sources reached P541.29 billion from July to September, up 542.1% compared to P84.29 billion in the same period in 2023.
READ: Peza records nearly P8B worth of investments in October
Gealon shares plan to transform SRP into Cebu’s premier investment hub
“Approved investments of foreign and Filipino nationals in the third quarter of 2024 were expected to generate a total of 33,727 employment,” the PSA said.
These investment amounts were reported by 10 government investment promotion bodies.
These are the Board of Investments (BOI), Bases Conversion and Development Authority, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Cagayan Economic Zone Authority, Philippine Economic Zone Authority, Poro Point Management Corp., Subic Bay Metropolitan Authority and Zamboanga City Special Economic Zone Authority.
Filipino money
Investments from Filipinos accounted for 72.9 percent of the total, reaching P394.54 billion.
This led to a whopping 599.79-percent from the P56.38 billion recorded in the third quarter of last year.
Meanwhile, investments from foreign sources accounted for 27.11 percent of the total, amounting to P146.75 billion.
Similar to their local counterpart, these foreign investments also saw a huge increase in the third quarter.
Big jump
It jumped to P146.75 billion, marking a 434.4-percent increase from the P27.46 billion in the comparable period in 2023.
The PSA reported that the biggest slice of these foreign investments, at 48.1 percent or P70.57 billion, will go to the job-generating manufacturing industry.
The other two industry categories which will corner investments are the electricity, gas, steam and air conditioning supply sector with P51.92 billion and real estate with P13.13 billion.
The bulk of these foreign investments came from South Korea, with P53.72 billion, equivalent to 36.6 percent.
Switzerland followed with a 35.5-percent share, amounting to P51.84 billion, and Japan with a 10.9-percent contribution, which is equivalent to P15.96 billion.
Calabarzon will receive the largest share of these foreign investments, with 40.1 percent or P58.86 billion going into the region where a big number of the government’s manufacturing hubs for private enterprises are located.
This was followed by the Bicol Region’s 35.3- percent share of P51.84 billion and Central Luzon’s 10.4-percent share of P15.20 billion.