Foreign investments pledges up 71.5% By Bernadette D. Nicolas @BNicolasBM
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ESPITE the Covid-19 pandemic, the country’s foreign investment pledges surged by 71.5 percent year-onyear to P192.34 billion in 2021, according to data from the Philippine Statistics Authority (PSA). Based on the PSA’s latest report, approved foreign investments grew from P112.12 billion recorded in 2020. The country’s foreign investment pledges plunged by 71.26 percent in 2020 from P390.11 billion in 2019 as the global economy was nearly at a standstill due to the Covid-19 pandemic. Approved foreign investments
refer to the amount of proposed contribution or share of foreigners to various projects in the country. The Board of Investments (BOI) accounted for the bulk of approved foreign investments at P151.8 billion or 78.9 percent of the total, while P35.83 billion or 18.6 percent came from Philippine Economic Zone Authority (PEZA). Meanwhile, total approved foreign investments in the last quarter of 2021 tripled to P133.47 billion from only P36.49 billion recorded in the same period in 2020. Approved foreign investments spiked along with the nearly sevenfold increase in the approved foreign investments cornered by the BOI to P129.17 billion from only P18.48 billion in the fourth
quarter of 2020. In the same period, foreign investments from the BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM) grew sixfold to P20 million from only P3 million. Those from Clark Development Corp. (CDC) also rose by 10.7 percent to P324.2 million from P292.7 million. Despite these increases, PEZA and Subic Bay Metropolitan Authority (SBMA) saw their foreign investment pledges in the fourth quarter of 2021 diving by 76.8 percent and 96.4 percent, respectively. Foreign investment pledges from PEZA plunged to P3.94 billion from P17.03 billion while those
from SBMA dropped to P8.5 million from P234.2 million. Majority of the foreign investment commitments for the fourth quarter came from Singapore, which accounted for P79.3 billion or 59.3 percent of the total. This was followed by the Netherlands and Japan, with investment pledges amounting to P24.54 billion (18.4 percent) and P1.44 billion (1.1 percent), respectively. Approved projects with foreign interest in the fourth quarter of 2021 are projected to generate 19,447 jobs. The investment pledges during the quarter were from five investment promotion agencies—BOI, BOI-BARMM, CDC, PEZA, and SBMA.
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SMC’s SLEX ELEVATED EXTENSION FULLY DONE
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AN Miguel Corp. (SMC) formally inaugurated the P14-billion South Luzon Expressway (SLEX) Elevated Extension project, signaling the full completion of the much-awaited project seen to ease traffic in Metro Manila as economic growth surges in the southern cities and provinces. President Duterte and other top government officials led the official opening rites for the project together with SMC President and Chief Executive Officer Ramon S. Ang. The four-kilometer, twolaned southbound alignment of the project was soft-opened
Vehicles clog a portion of EDSA on Tuesday. The Metropolitan Manila Development Authority (MMDA) has observed heavier traffic on EDSA after the National Capital Region shifted to Alert Level 2 from Alert Level 3. However, MMDA still does not see the need to expand the number coding scheme despite the heavy traffic. NONOY LACZA By Tyrone Jasper C. Piad
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@Tyronepiad
MPROVED global recovery prospects and the reopening of more countries were cited among the factors for the rise in personal remittances from overseas Filipinos (OF) last year, exceeding pre-pandemic levels and posting an all-time high, as reported by the Bangko Sentral ng Pilipinas (BSP). See “Remittances,” A2
to the public in early December, effectively connecting the Skyway in Sucat to SLEX at Susana Heights in Muntinlupa—bypassing the Alabang viaduct, while improving direct access to both the Alabang area and the Alabang-Zapote Road. With this development, Ang said that the company has fully delivered on the 19 lane-kilometer SLEX Elevated Extension project, realizing its goal of providing a longterm solution to worsening traffic on the Skyway, SLEX, and public roads leading to and See “SMC,” A2
More tourists arrive as PHL eases travel rules By Ma. Stella F. Arnaldo @akosistellaBM
Special to the BusinessMirror
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EFYING predictions of local tourism stakeholders and government officials, an increasing number of foreign tourists have started arriving in the country after being kept away from their loved ones, friends, and pristine beaches for close to two years. According to data provided by the Department of Tourism (DOT), inbound tourists arrivals reached 9,283 in the first four days since the Philippines reopened to visa-free
“The billions spent testing travelers would be far more effective if allocated to vaccine distribution or strengthening health care systems.” –IATA Director General Willie Walsh
countries on February 10. Of the number, foreign nationals at 5,074 outnumbered balikbayans (homecoming Filipinos) at 4,209.
Tourists from the United States, at 2,227, accounted for some 44 percent of total the foreign nationals; followed by those from Canada at 661, Australia at 404, the United Kingdom at 344, South Korea at 189, Japan at 169, and Germany at 168. Prior to the pandemic, in 2019, the Philippines attracted some 8.26 million foreign tourists. Earlier, DOT officials, including local stakeholders thought foreign tourists would be slow to arrive, with the bulk coming in toward the end of the year. The US even issued a Level-4 travel advisory against the Philippines. (See, “US warning vs
travel to PHL not seen to be a deal breaker,” in the BusinessMirror, February 2, 2022.) The Philippines has the most liberal travel rules in Southeast Asia to date. Foreign tourists from visa-free countries just have to test before travel, but no longer have to quarantine upon arrival. Those who get sick with Covid, however, will have to quarantine in their hotels or resorts for a prescribed period depending on the severity of their symptoms. (See, “Covidpositive tourists may quarantine
PESO exchange rates n US 51.3750 n japan 0.4447 n UK 69.5104 n HK 6.5852 n CHINA 8.0810 n singapore 38.1516 n australia 36.6047 n EU 58.1000 n SAUDI arabia 13.6938
See “Tourists,” A2
Source: BSP (15 February 2022)