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The NSCB expected new generate 41,845 jobs

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www.philstar.com 01The amount of total approved investments in the second quarter reached P57.8 billion—a 159.6-percent rise compared to the P22.7 billion recorded in the same period last year, according to a National Statistical Coordination Board (NSCB). In a statement, the NSCB said that the investment pledges for industries were recorded at P43.3 billion, or a 73.7-percent share of the total foreign investments during the quarter.

“The electricity, gas, steam and air-conditioning supply industry contributed the largest amount of committed foreign investments in the second quarter of 2013,” the NSCB said. Besides the said industries, manufacturing followed with P7 billion, or 11.8-percent share of the total foreign investments for the second quarter, with administrative and support service activities coming as the third sector with highest foreign investments totaling to P3.1 billion, or 5.2-percent share of the total. “The top three prospective investing countries for the second quarter of 2013 include the United States of America [P43.2 billion, or 73.4-percent share], Japan [P4.2 billion, or 7.2-percent share], and The Netherlands [P3.8 billion, or 6.5 percent],” the NSCB said. The approved foreign and Filipino nationals’ investments in the country reached P176.8 billion, for an increase of 2.1 percent from the P173.2 billion last year. “Filipino nationals continued to dominate investments approved during the quarter, sharing 66.7 percent, or P118-billion worth of pledges. Bulk of the investments committed by Filipinos are intended to finance activities in electricity, gas, steam and air-conditioning supply,” the NSCB said. The projects that will be created with foreign and Filipino investments are expected to generate 41,845 jobs, which is an increase from the 33,381 jobs generated last year. There are seven investment promotion agencies responsible for the approval of the foreign investments: Board of Investments; BOI-Autonomous Region of Muslim Mindanao; Clark Development Corp.; Philippine Economic Zone Authority; Subic Bay Metropolitan Authority; Authority of the Freeport Area of Bataan and Cagayan Economic Zone Authority.