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△Philippines.
The approved foreign investments into the Philippines in the second quarter reached 59.09 billion pesos (1 billion U.S. dollars), marking a year-on-year increase of 27.8 percent, the Philippine Statistics Authority (PSA) said on Tuesday.
Of the total, Japan posted the highest investment commitment amounting to 20.36 billion pesos (358.57 million dollars), followed by Singapore and the Cayman Islands, the statistics agency said.
The manufacturing industry received the largest amount of approved investment, equivalent to 59.3 percent of the total, while information and communication sector came second, and administrative and support service activities the third.
Furthermore, the total approved investments of foreign and Filipino nationals reached 317.23 billion pesos (5.59 billion dollars) in the second quarter, 218.4 percent higher than the approved investments recorded in the same quarter of 2022, the PSA said.
The total approved investments in the second quarter are expected to generate 31,218 jobs, a 63.5 percent annual growth from the 19,094 employment in the same quarter of 2022.
Source: Xinhua
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