Philippines: Foreign investment increases sharply in 2015
Foreign investment pledges approved by the Philippines’ investment promotion agencies increased by 31.2 percent to 245.2 billion PHP (5.2 billion USD) last year.
Kuala Lumpur (VNA) – Foreign investment pledges approved by the Philippines’ investment promotion aౠgencies increased by 31.2 percent to 245.2 billion PHP (5.2 billion USD) laꦡst year, according to the Philippine Statistics Authority.
In the fourth quarter of 2015 alone, investment pledges climbed by 45.6 percent to 138.6 billion PHP (2.93 billion USD) from 95.2 billion PHP (2 billion USD) in the same period last year.
In the period, most investment went to the manufacturing sector and accounted for a 69.1 percent share, following was the electricity, gas, and administrative services.
The top three sources of approved foreign investments in the fourth quarter were Japan, the Netherlands, and the US.
Japanese pledges reached 39.4 billion PHP (838 million USD), taking a 28.5 percent share, while the Netherlands and the US accounted for 26.7 percent and 11.9 percent, respectively.
Remittances sent home by overseas Filipino workers hit a new high in 2015 with 28.5 billion USD as of the end of December, according to the Central Bank of the Philippines (BSP).
In December alone, personal remittances totalled 2.7 billion USD, rising 4.9 percent against the same month in 2014. BSP said that this has been the highest monthly amount ever.
According to BSP Govenor Amando Tetangco, remittances continued to be a “major driver of domestic demand”.
The total remittances accounted for 9.8 percent of the nation’s gross dom൲estic products (GDP) and 8.1 percent of gross national income (GNI).-VNA
The Philippines is forecast to enjoy higher foreign direct investments (FDI) in 2014, thanks to the recovery of the world’s largest economies and trade partners, including the US.
The foreign direct investment (FDI) net flow in the Philippines rose to 3.6 billion USD for the first six months of the year, up 76.9 percent compared to the same period last year, said the Central Bank of the Philippines (BSP).
The Philippines’ export turnover reached 5.28 billion USD in June, down 3.3 percent year-on-year, a fall for the third consecutive month, announced the Philippine Statistics Authority (PSA) on Aug 11.
The total money sent home by overseas Philippine workers is forecast to reach 29.7 billion USD in 2015, making the country the world’s third largest recipient of remittances.
Remittances sent home by overseas Filipino workers (OFWs) hit a new high in 2015 with 28.5 billion USD as of the end of December, according to the Central Bank of the Philippines (BSP).
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Part of Manila (Photo:VNA)
