Projected employment from the Authority of the Freeport Area of Bataan (AFAB) and Subic Bay Metropolitan Authority (SBMA) grew by 211.6 percent and 396.6 percent, respectively in the first quarter of 2016, according to Philippine Statistics Authority (PSA).
Some 53,159 jobs are seen to be generated as foreign investment (FI) projects are approved by AFAB and SBMA, together with other investment promotion agencies (IPAs) of the country.
PSA said this is more than double compared to the 23,932 jobs expected in the same first quarter period in 2015.
“Prospective employment from SBMA-approved projects grew by 11 folds, reaching 2,348 jobs during the quarter,” PSA stated in its report.
The surge in job generation develops as the total FIs approved in the first quarter of 2016 by the country’s seven IPAs amounted to PhP26 billion.
This amount is up by 19.2 percent compared to PhP21.8 billion approved in the same period last year.
These IPAs are the Board of Investments, Clark Development Corporation, Philippine Economic Zone Authority, SBMA, AFAB, BOI-Autonomous Region of Muslim Mindanao, and Cagayan Economic Zone Authority.
Manufacturing topped the industries that received the highest investments, followed by energy and air conditioning supply.
“Manufacturing bested all other industries as it stands to receive 36.8 percent of total FI pledges or PhP9.6 billion. Electricity, Gas, Steam, and Air Conditioning supply came in second, with investment commitments valued at PhP6.6 billion, contributing 25.5 percent; followed by Administrative and Support Service Activities at PhP5.4 billion, with 20.8 percent share,” PSA reported. (PIA 3)