APPROVED foreign investments more than doubled in the fourth quarter last year, the Philippine Statistics Authority (PSA) reported on Thursday, surging by 127.2 percent to P394.45 billion from P173.61 billion a year earlier.

The investment pledges, the PSA said, comprise those approved by the Authority of the Freeport Area of Bataan, Board of Investments (BoI), Clark Development Corp., Philippine Economic Zone Authority, and the Subic Bay Metropolitan Authority.

No foreign investment approvals were recorded during the period from the Bases Conversion and Development Authority, BoI-Bangsamoro Autonomous Region in Muslim Mindanao, Cagayan Economic Zone Authority, Clark International Airport Corp., John Hay Management Corp., Poro Point Management Corp., Tourism Infrastructure and Enterprise Zone Authority, and the Zamboanga City Special Economic Zone Authority.

The Netherlands accounted for the largest commitment of P345.76 billion, making up 87.7 percent of total foreign investment approvals.

Taiwan was next with P31.37 billion (8.0 percent) and Singapore followed with P4.99 billion (1.3 percent).

The bulk, P335.87 billion or 85.1 percent of the pledges, were for electricity, gas, steam, and air conditioning supply ventures.

Manufacturing was next at P48.96 billion (12.4 percent), while administrative and support service activities secured P5.70 billion (1.4 percent).

By geographical area, the Bicol region had the highest share of committed investments at P162.92 billion, which represented 41.3 percent of the total for the quarter.

It was followed by Eastern Visayas, which accounted for P108.30 billion (27.5 percent), and the Ilocos Region with P58.52 billion (14.8 percent).

Total approved investments from both foreign and Filipino citizens, meanwhile, amounted to P585.15 billion in the fourth quarter.

This was 20.8 percent higher compared to the year-earlier P484.53 billion.

Filipino citizens contributed P190.69 billion, constituting a share of 32.6 percent.

Investment approvals for the period are expected to create a total of 28,529 jobs, a 25.4-percent decline compared to 38,256 recorded last year.

Most of the jobs, or 82.71 percent, will come from foreign investment projects should these materialize, the PSA said.

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