PH investments surge over 500% in Q3

PH investments surge over 500% in Q3, driven by local investors

Story by Alden Monzon

Inquirer.net

16 November 2024

Philippine government-approved investments surged over sixfold in the third quarter of this year, with nearly 75 percent coming from local investors.

According to the Philippine Statistics Authority (PSA), total approved investments from foreign and Filipino sources reached P541.29 billion from July to September, up 542.1% compared to P84.29 billion in the same period in 2023.

“Approved investments of foreign and Filipino nationals in the third quarter of 2024 were expected to generate a total of 33,727 employment,” the PSA said.

These investment amounts were reported by 10 government investment promotion bodies.

These are the Board of Investments (BOI), Bases Conversion and Development Authority, BOI-Bangsamoro Autonomous Region in Muslim Mindanao, Clark Development Corp., Cagayan Economic Zone Authority, Philippine Economic Zone Authority, Poro Point Management Corp., Subic Bay Metropolitan Authority and Zamboanga City Special Economic Zone Authority.

Filipino money

Investments from Filipinos accounted for 72.9 percent of the total, reaching P394.54 billion.

This led to a whopping 599.79-percent from the P56.38 billion recorded in the third quarter of last year.

Meanwhile, investments from foreign sources accounted for 27.11 percent of the total, amounting to P146.75 billion.

Big jump

It jumped to P146.75 billion, marking a 434.4-percent increase from the P27.46 billion in the comparable period in 2023.

The PSA reported that the biggest slice of these foreign investments, at 48.1 percent or P70.57 billion, will go to the job-generating manufacturing industry.

The other two industry categories which will corner investments are the electricity, gas, steam and air conditioning supply sector with P51.92 billion and real estate with P13.13 billion.

The bulk of these foreign investments came from South Korea, with P53.72 billion, equivalent to 36.6 percent.

Switzerland followed with a 35.5-percent share, amounting to P51.84 billion, and Japan with a 10.9-percent contribution, which is equivalent to P15.96 billion.

Calabarzon will receive the largest share of these foreign investments, with 40.1 percent or P58.86 billion going into the region where a big number of the government’s manufacturing hubs for private enterprises are located.

This was followed by the Bicol Region’s 35.3- percent share of P51.84 billion and Central Luzon’s 10.4-percent share of P15.20 billion.

Angeles named Asia’s best emerging culinary destination

Angeles named Asia’s best emerging culinary destination

Ghio Ong 
Philippine Star
06 October 2024

MANILA, Philippines — Angeles City in Pampanga, the birthplace of Filipino favorite sisig, was recognized as “Asia’s best emerging culinary city destination” for 2024 by the World Culinary Awards 2024.

Angeles City bested nominees for the said award such as Hanoi in Vietnam, Kuala Lumpur in Malaysia, Kyoto in Japan and Taipei in Taiwan.

The “Asia’s best emerging culinary city destination” award conferred on Angeles City “underscores the exceptional talent, creativity and dedication of its local chefs and food artisans,” said Department of Tourism (DOT) Secretary Christina Garcia-Frasco.

“The city’s rich culinary heritage, led by its iconic dishes like sisig, continues to captivate food enthusiasts not only in the Philippines but across the world, showcasing the power of Filipino cuisine on the global stage,” she added.

She also said the efforts of the local government unit of Angeles City, particularly enacting an ordinance that declared “sisig babi” or pork sisig as an “intangible heritage,” helped “preserve and promote the city’s culinary legacy,” resulting in the award.

DOT’s Central Luzon regional director Richard Daenos accepted the award on behalf of Angeles City during the gala ceremony of the World Culinary Awards 2024 held in Dubai, United Arab Emirates on Oct. 3.

The World Culinary Awards is part of the World Travel Awards that bestowed many recognitions on the Philippines in the past.

Meanwhile, DOT’s attached agency Tourism Promotions Board (TPB) was hailed as “best national tourism organization in Asia” at the 33rd Annual TTG Travel Awards in Bangkok, Thailand on Sept. 26.

Before the award, the TPB promoted the Philippines as a destination of choice for meetings, incentives, conventions and exhibitions through the “MICE Philippines: We Take Your Business to Heart program” at the Incentive Travel & Conventions Meetings Asia from Sept. 24 to 26.

The presentation resulted in generation of P1.7 billion worth of initial sales leads, said Frasco.

Spanish energy firm invests in PH offshore wind

BlueFloat Energy invests in offshore wind expansion in PH

POWER PHILIPPINES NEWS
July 1, 2024

BlueFloat Energy, based in Madrid, is making a considerable investment in the Philippine offshore wind sector to enhance the country’s energy infrastructure.

In a report by the Philippine Star, the company entered the Philippine market last year, acquiring wind energy service contracts in four regions: Central Luzon, Southern Luzon, Northern Luzon, and Southern Mindoro.

BlueFloat Energy’s Asia Pacific senior development advisor Jarek Pole said the country has conditions fitting for offshore wind technology, paralleling the country’s renewable energy goals to decarbonize the economy.

Pole also said there is an urgent need for large-scale renewable energy generation to meet the increasing electricity demand, as the current capacities are insufficient.

To aid in the growing demand, the firm aims to develop 7.6 gigawatts (GW) of offshore wind capacity in the Philippines, making it its largest market.

The investment would range from USD 2.5 million to USD 4 million per megawatt (MW) for bottom-fixed wind farms, while for floating wind projects, it would reach up to USD 6 million per MW.

Additionally, the company recently completed a systems impact study with the National Grid Corporation of the Philippines and is conducting a bathymetry survey to assess water depth at the sites.

The construction of the project is anticipated to begin by 2028, with the first phase of projects expected to be operational by 2031 or 2032.

Permits and regulatory frameworks are being refined in collaboration with government agencies like the Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR).

The DOE has identified 10 ports for pre-feasibility studies, but port developers need assurance of their economic viability.