Investment pledges in Philippines hit a new high

According to the National Statistical Coordination Board of the Philippines, the approved foreign investment in the country is PHP 289.1 billion, an increase of 10 per cent from the PHP 258.2 billion recorded in 2011. The pledged investment for 2012 is the largest for a given year since 1996. Among the country’s seven investment promotion agencies – the Board of Investments (BoI), the Philippine Economic Zone Authority (PEZA), the Clark Development Corporation, the Subic Bay Metropolitan Authority, the Authority of the Freeport Area of Bataan, the BoI-Autonomous Region in Muslim Mindanao, and the Cagayan Economic Zone Authority; PEZA approved the highest investment amount of up to PHP 209.4 billion.