Korea No. 1 foreign investor in RP
Korea tops the list of foreign investors in the Philippines, pledging some P8.5 billion investments.
National Statistical Coordinating Board (NSCB) Secretary General Romulo Virola disclosed that Korea's investments in the Philippines comprises about 42.6 percent of the total Foreign Direct Investments (FDI) committed for the first quarter of 2008.
He said that majority of Korea's investments were intended to fund shipbuilding projects.
The United States of America (USA) and Japan, which consistently remained among the top three investors, committed P3.8 billion and P2.8 billion, respectively, comprising 19.1 percent and 14.1 percent of the total approved FDI, Virola said.
Virola revealed that the FDI approved in the first quarter of this year by the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) totaled to P 20.0 billion.
He said that approved FDI in the first quarter of 2008 is higher by 11.7 percent based on the approved P 17.9 billion FDI in the same quarter a year ago.
Of the total approved investments, the manufacturing industry continued to be the top recipient of FDI pledges as it stands to receive 78.7 percent or P 15.7 billion.
On the other hand, the private services, mostly in the area of information and communication technology (ICT) such as call centers, business process outsourcing and software development, came in next with P3.0 billion worth of investment pledges, corresponding to 15.2 percent of the total approved FDI.
Meanwhile, some 31,132 jobs are expected to be generated from the approved FDI projects in the first quarter of this year, Virola said, stressing that the job generation this year would be 13.2 percent higher from the 27,494 jobs in the same period last year. (by Jemin B. Guillermo - PIA)
National Statistical Coordinating Board (NSCB) Secretary General Romulo Virola disclosed that Korea's investments in the Philippines comprises about 42.6 percent of the total Foreign Direct Investments (FDI) committed for the first quarter of 2008.
He said that majority of Korea's investments were intended to fund shipbuilding projects.
The United States of America (USA) and Japan, which consistently remained among the top three investors, committed P3.8 billion and P2.8 billion, respectively, comprising 19.1 percent and 14.1 percent of the total approved FDI, Virola said.
Virola revealed that the FDI approved in the first quarter of this year by the Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) totaled to P 20.0 billion.
He said that approved FDI in the first quarter of 2008 is higher by 11.7 percent based on the approved P 17.9 billion FDI in the same quarter a year ago.
Of the total approved investments, the manufacturing industry continued to be the top recipient of FDI pledges as it stands to receive 78.7 percent or P 15.7 billion.
On the other hand, the private services, mostly in the area of information and communication technology (ICT) such as call centers, business process outsourcing and software development, came in next with P3.0 billion worth of investment pledges, corresponding to 15.2 percent of the total approved FDI.
Meanwhile, some 31,132 jobs are expected to be generated from the approved FDI projects in the first quarter of this year, Virola said, stressing that the job generation this year would be 13.2 percent higher from the 27,494 jobs in the same period last year. (by Jemin B. Guillermo - PIA)
Labels: hanjin, investments, korea, subic
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