DAVAO CITY (MindaNews) – The Davao Region reported P549.85 million in approved foreign investments in the third quarter of 2022, according to a report released Tuesday by the Philippine Statistics Authority (PSA).
The agency said Davao’s approved investment commitments improved by 3.17 percent as compared with the investments worth P532.94 million recorded in the previous quarter.
The agency said that Davao is the only region in Mindanao with approved foreign investment commitments for the third quarter.
A pledge of P985.70 million for Northern Mindanao in the second quarter was the highest investment so far reported on the island for this year while Bangsamoro Autonomous Region in Muslim Mindanao recorded P291.45 million in the same quarter, based on the information released by the agency.
As of third quarter of 2022, total approved foreign investments in Mindanao amounted to P2.406 billion, lower as compared to the P3.671 billion reported in the same period of 2021.
According to the PSA, approved foreign investments in the country in the third quarter were reported at P13.05 billion or lower by 22.4% as compared to P16.82 billion in the same quarter of 2021.
The foreign investment pledges were mostly reported from the government’s investment promotion agencies such as Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA).
Among the regions in the Philippines, CALABARZON reported the highest approved foreign investments at P6.60 billion comprising 50.6 percent of the total investments, followed by Central Luzon with P3.02 billion and National Capital Region with P2.24 billion.
The agency said Japan committed P4.50 billion, which accounted for P34.5 percent of the total approved investment pledges, while South Korea and Singapore pledged P2.02 billion and P1.64 billion, respectively.
The agency said the biggest chunk of these investments are in manufacturing comprising 55.2% of the total approved foreign pledges. (Antonio L. Colina IV / MindaNews)
