MANILA - Foreign direct investments (FDI) inflows rose 41 percent to $7.93 billion in 2016 amid external shocks from Brexit and the normalization of US interest rates, the Bangko Sentral ng Pilipinas said Friday.
The $7.93 billion FDI inflows booked last year was $2.29 billion higher than the $5.64 billion recorded in 2015, the BSP said.
The amount also exceeded the central bank's 2016 net FDI inflows target of $6.7 billion.
"FDI inflows remained robust, supported by strong investors' confidence in the country's solid macroeconomic fundamentals," the central bank said.
FDI inflows are seen to reach $7 billion this year as the Duterte administration vowed to boost infrastructure spending.
The country's gross domestic product grew 6.8 percent last year, within the 6 to 7 percent target set by economic managers.