FOREIGN investment pledges contracted 22.4 percent in the third quarter of 2022, according to the latest data released by the Philippine Statistics Authority .
“These investments were pledges from four Investment Promotion Agencies , namely: Board of Investments , Clark Development Corporation , Philippine Economic Zone Authority , and Subic Bay Metropolitan Authority ,” the PSA said. Japan committed P4.5 billion while South Korea and Singapore pledged P2.02 billion and P1.64 billion, respectively.
The biggest chunk of the approved foreign investment in the third quarter of 2022 was intended to finance projects in Calabarzon amounting to P6.6 billion or 50.6 percent of the total FI.
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