According to a report by the Philippine Commercial News on August 17, data released by the National Statistical Coordination Board of the Philippines shows that in the second quarter, the Philippines approved a total of 40.6 billion pesos in foreign direct investment (FDI). Of this, 17.1 billion pesos were approved by the Philippine Economic Zone Authority (PEZA), 8.8 billion pesos by the Board of Investments (BOI), 14.6 billion pesos by the Clark Development Corporation (CDC), and 100 million pesos by the Subic Bay Metropolitan Authority (SBMA). With the exception of the Subic Bay Metropolitan Authority (SBMA), FDI approved by other investment promotion agencies all saw growth. Among the approved FDI, investments from Japan amounted to 17.5 billion pesos, accounting for 43.2% of the total, which is nearly 27 times that of the same period last year, with the majority invested in the tire manufacturing industry. Other major source countries included the United States (8.2 billion pesos), accounting for 20.3%, and the Netherlands (7.2 billion pesos), accounting for 17.7%. In the first half of the year, investment promotion agencies approved a total of 62.6 billion pesos in foreign direct investment, an increase of 3.5% compared to the same period last year.
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