Foreign investment approvals fell 83%
Approved foreign investments in the third quarter shrank 83 per cent to P31 billion – from P182.4 billion a year ago – due to the prolonged COVID-19 quarantine, according to the latest report from the Philippine Statistics Authority (PSA).
Besides the Bureau of Investments (BOI), the six other investment promotion agencies included in the PSA’s quarterly report were the Authority of the Freeport Area of Bataan, the BOI-Autonomous Region in Muslim Mindanao (BOI-ARMM), the Cagayan Economic Zone Authority (Ceza), Clark Development Corp. (CDC), the Philippine Economic Zone Authority and the Subic Bay Metropolitan Authority (SBMA). They all reported decreased approved foreign investments.
Only the Philippine Economic Zone Authority (Peza) registered year-on-year growth in foreign investment commitments during the July-to-September period with P20.3 billion, up 97 percent from P10.3 billion last year.
