First-quarter investment pledges plunge 35%

Investment pledges approved by the government’s promotion agencies fell 35.6 percent to P309.45 billion in the first quarter of 2024, down from P480.48 billion in the same period last year, the Philippine Statistics Authority said Thursday.

“Approved investments of foreign and Filipino nationals in the first quarter of 2024 were expected to generate a total of 27,711 employment. This indicates an increase of 8.8 percent from the 25,470 expected employment in the same quarter of the previous year. Out of the total generated employment, 23,378 employments would be absorbed by foreign investment projects,” the Philippine Statistics Authority said Thursday.

Foreign investments approvals from January to March amounted to P148.43 billion, down 63.6 percent from P408.22 billion a year ago. Electricity, gas, steam and air conditioning supply industry received the bulk at P109.19 billion or 73.6 percent of the total approved FIs.

Source: News Formal (newsformal.com)

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