Saturday, 29 May 2010

FDIs surge to P45 billion in first quarter

Manila Bulletin

Foreign direct investments (FDI) surged to P45.7 billion in the first quarter of 2010, almost 12 times more the P4 billion approved in the same quarter in 2009.

National Statistical Coordination Board (NSCB) secretary-general Romulo Virola said the FDIs posted two consecutive quarter increases after four quarter declines.

The FDIs represent the cost of projects registered and approved by the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA).

Korea topped the list of foreign investors, pledging P23.8 billion or 52.1 percent of the total approved FDI.

Trailing behind are Japan and Singapore pledging P10.2 billion and P5.3 billion which accounted for 22.3 percent and 11.6 percent, respectively of the total FDI committed in the first quarter of 2010. The bulk of the approved FDI was intended to fund projects in manufacturing. Investment pledges in manufacturing were worth P42.9 billion growing 32 times the P1.3 billion committed a year ago.

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