MANILA, Philippines - The Philippines posted a $13 million net outflow of foreign direct investments (FDIs) in April, the Bangko Sentral ng Pilipinas reported on Tuesday.
This was a reversal of the $78 million net inflow in April 2011.
April also marked the first monthly net outflow since July 2011
"Notwithstanding the Philippines’ favorable macroeconomic conditions, investors were wary of potential spillovers of the euro zone’s sovereign credit problems... In April, concerns about the euro zone escalated as reflected in sharp increases in borrowing costs for some European countries, and this has dampened global risk appetite," the BSP said, in a statement.
However, net inflow of FDIs was still up for the January to April period. Net inflow of FDIs surged 47% to $837 million in the 4-month period versus $571 million during the same period in 2011.
The investments came mostly from the US, Australia, Netherlands, United Kingdom, Japan and Bermuda.
The funds were mostly infused in manufacturing, real estate, wholesale and retail, financial and insurance, and mining and quarrying sectors.