Approved foreign investments into Philippines fall 63.6 pct in Q1

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MANILA, May 16 (Xinhua) — The approved foreign investments into the Philippines in the first quarter of 2024 reached 148.43 billion pesos (roughly 2.59 billion U.S. dollars), marking a 63.6 percent decrease year over year, the Philippine Statistics Authority (PSA) said on Thursday.

The statistics agency said Singapore posted the highest investment commitment, amounting to 70.06 billion pesos (1.22 billion dollars), followed by the Netherlands and South Korea.

The electricity, gas, steam, and air conditioning supply industry received the largest amount of approved investments, equivalent to 73.6 percent of the total, followed by accommodation and food service activities and the manufacturing industry, with a share of 13.5 percent and 8.5 percent, respectively.

The PSA said the total approved investments of foreign and Filipino nationals reached 309.45 billion pesos (5.397 billion dollars) in the first quarter of 2024, 35.6 percent lower than the approved investments recorded in the same quarter in 2023.