MANILA - Foreign direct investments in April rose to its highest level in 12 months, but was lower compared to the same period last year, official data released Monday showed.
The Bangko Sentral ng Pilipinas said FDIs reached $874 million in April, or 61.1 percent lower than the $2.24 billion booked during the same month in 2016.
Last year's base, however, was high due to the P37-billion investment made by Bank of Tokyo Mitsubishi UFJ Ltd for a 20-percent stake in Security Bank Corp, the BSP said.
From January to April this year, FDIs totaled $2.4 billion. Last year, FDIs reached a record $7.9 billion. This year, the central bank expects FDIs to hit $8 billion.
FDIs in the Philippines are small compared with that in regional peers due to poor infrastructure, high power costs and foreign ownership restrictions in key industries. -- with a report from Reuters