For 2019, China was ranked as the second-largest foreign investor in the Philippines right behind Singapore. The Philippines Statistics Authority (PSA) released new data on Thursday, detailing the foreign investments the country had received over the past year.
China's investments in the Philippines rose by a massive 74.9 percent last year, the PSA data revealed. Over the twelve-month period, Chinese companies and government agencies invested a total of $1.75 billion in the country.
Leading the pack, ahead of China, is Singapore, which invested a total of around $3.48 billion last year, making it the country's largest foreign investor. Behind China is South Korea, with a total investment of around $820.2 million, making it the country's third-largest investor.
Total foreign investments in the Philippines for 2019 had surged by over 112.8 percent to $7.70 billion when compared to foreign investments made in 2018, the PSA data showed. Approved foreign investment accelerated towards the end of the year, with a majority of the large deals made in the fourth quarter.
The PSA mentioned in a statement that the major foreign investments made in the fourth quarter of last year were mostly from China, accounting for about 77 percent of the total during that period. The remaining amounts were made from other countries such as South Korea and the United States. The agency added that over the fourth quarter, China committed investments of around $1.7 billion.
Some of the major investments made by China were approvals made by the Board of Investments (BoI), the Subic Bay Metropolitan Authority, and the BoI-Autonomous Region in Muslim Mindanao. Other investments that were also pledged by China to other Philippine agencies included those to the Authority of the Freeport Area of Bataan, Clark Development Corp., Cagayan Economic Zone Authority and Philippine Economic Zone Authority.
Among the different industries, the Philippines' information and communications industry had received the largest portion of foreign investments, reaching around $4.32 billion. Meanwhile, the country's electric, gas,and steam industry received close to $1.43 billion in investments. Ranking third is the country's manufacturing industry, which received around $1.22 billion in foreign investments.
Analysts in the Philippines have pointed out that the latest numbers released by the PSA only served to prove how the country has become a viable location for foreign investors that are seeking new markets and opportunities. They also added that despite the uncertainties surrounding the China-US trade dispute, the country remains an attractive investment proposition for foreign institutions.
