Approved foreign investment up by 86.7 pct in Q1

MANILA, Philippines (Xinhua) - The government's approved foreign investments rose 86.7 percent to P34.6 billion ($797.4 million) in the first quarter of this year, a senior government official said today.

National Statistical Coordination Board Officer-in-charge Lina Castro said that the top three prospective investing countries for the first quarter included the British Virgin Islands, followed by Japan and the Netherlands.

Accommodation and food service activities became the top industry for the quarter, followed by manufacturing sector and real estate.

Castro said that combined approved investments of Filipino and foreign nationals increased by 103 percent, reaching P89.4 billion ($2.06 billion) in the first quarter.