Total approved foreign investment (FI) pledges amounted to P148.43 billion in the first quarter of the year, the Philippine Statistics Authority (PSA) said.

In a report released on Thursday, the PSA said these investments were pledges from Investment Promotion Agencies (IPAs) which include the Board of Investments (BOI), Clark Development Corporation (CDC), Cagayan Economic Zone Authority (CEZA), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA).

The PSA said Singapore was the biggest source of investment commitment amounting to P70.06 billion.

It was followed by the Netherlands at P38.89 billion, and South Korea at P20.23 billion.

“Electricity, gas, steam, and air conditioning supply industry received the largest amount of approved investments at P109.19 billion or 73.6 percent of the total approved FI,” said the PSA.

Among the regions, CALABARZON received the largest share of investment pledges amounting to P117.39 billion, followed by Central Luzon with P23.83 billion, and Bicol Region with P2.86 billion.

The PSA, meanwhile, said total approved investments of foreign and Filipino nationals during the first quarter of the year amounted to P309.45 billion and would generate a total of 27,711 jobs.

Filipino nationals contributed P161.03 billion or a 52-percent share to the total approved investments during the first quarter of 2024.PNA