MANILA, June 27 (Xinhua) -- Total foreign investments approved by the Philippine government declined by 25.6 percent on year to 37.4 billion pesos (853.19 million U.S. dollars) in the first quarter, the local statistics agency said Friday.
The Philippine Statistics Authority (PSA) said in a statement that China was the top investing country, accounting for 24.2 percent of total investment commitments during the January to March period. Chinese investors committed to investing 9 billion pesos (205.31 million dollars).
Japan ranked second, pledging 8.3 billion pesos (189.34 million dollars) of investments, followed by Singapore with 4.3 billion pesos (98.09 million dollars) in commitments.
PSA said a huge chunk or 74.1 percent of total investment pledges in the first quarter will go to the local manufacturing sector.
Meanwhile, approved investments of foreign and Filipino nationals in the first quarter declined by 29.5 percent on year to 107.4 billion pesos (2.45 billion dollars). Pledges from Filipino nationals stood at 69.9 billion pesos (1.59 billion dollars), accounting for 65.2 percent of total approved investments during the period.
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