MANILA - Foreign direct investments (FDI) flowing into the Philippines went up 79 percent in the first seven months of the year, the Bangko Sentral ng Pilipinas (BSP) said Monday.
Foreign direct investment inflow reached $4.69 billion from January to July, up $2.07 billion from the $2.62 billion posted in the same period last year, BSP said.
“The increase in FDI inflows was driven by investors’ positive outlook on the Philippine economy, reinforced by strong macroeconomic fundamentals,” the central bank said.
Net equity capital inflows jumped 74.7 percent to $1.47 billion in the first seven months of the year from $841 million in the same period last year.
Equity placements increased 55.7 percent to $1.66 billion from $1.06 billion.
Withdrawals dropped 15.7 percent to $189 million from $224 million.
Bulk of the equity came from Japan, Singapore, Hong Kong, US, and Taiwan and were channeled to financial and insurance activities; real estate; manufacturing; construction; as well as accommodation and food service.
Foreign direct investment inflows climbed 7 percent to $503 million in July alone from $470 million in the same month last year.