THE Authority of the Freeport Area of Bataan (AFAB) is one of the beneficiaries of foreign investment pledges worth P390 billion in 2019, according to report released by the Philippine Statistics Authority (PSA).
The investment pledges were also lodged at the Board of Investment, Clark Development Corp., Philippine Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority, BOI-Bangsamoro Autonomous Region in Muslim Mindanao and Cagayan Economic Zone Authority.
The PSA reported that in the fourth quarter alone, committed foreign investment rose by 17.3 percent, boosted by commitments from Chinese firms.
It likewise reported that total foreign investment pledges cleared in the last quarter last year reached P112.1 billion, up from P95.6 billion in the same quarter of 2018.
Foreign investment pledges were driven mainly by China which accounted for 77 percent of the total, followed by South Korea and the US, the PSA report said.
Approved investments of foreign and Filipino nationals in the fourth quarter of 2019 were expected to generate 55,946 jobs, lower by 23 percent compared with previous year’s projected employment creation of 72,630 jobs.