Approved foreign investments (FI) in the first quarter of the year declined by 32.9% to P19.55 billion.
Data released by the Philippine Statistics Authority (PSA) reported that FI in the January to March period fell by nearly a third from P29.14 billion in the same period last year.
These Q1 commitments were pledges from the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA), Authority of the Freeport Area of Bataan (AFAB), and Cagayan Economic Zone Authority (CEZA).
The data also revealed that only the AFAB attracted more foreign investments in this period. It attracted projects worth P39.4 million, up from about P900,000 a year ago.
Approved investments are commitments by foreign entities, which may come in the near future. They are not actual investments.