MANILA - The Philippines saw a significant rise in foreign direct investment (FDI) inflows in March, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.
The BSP recorded $509 million in net FDI inflows in March 2017, 30.6 percent higher compared to the $390 million recorded during the same month last year.
"The sustained FDI inflows reflect investors’ confidence in the country’s economy on account of continued growth prospects and strong macroeconomic fundamentals," the BSP said in a statement.
The March figures brought the FDI net inflow for the first quarter to $1.56 billion, higher by 16.6 percent than the $1.34 billion booked in the same quarter in 2016.
The central bank has raised its FDI net inflow target for this year to $8 billion from an original target of $7 billion after net inflows reached a record high of $7.9 billion last year.