MANILA, Philippines - The net inflow of foreign direct investments (FDI) to the country dropped 83% to $13 million in August from $76 million a year ago, the Bangko Sentral ng Pilipinas said.
The BSP attributed the decline due to global economic problems that weighed on foreign investors' sentiment.
"This reflected investors’ relatively cautious stance due to weak global economic prospects and financial strains in the advanced economies," the BSP said in a statement.
In the first 8 months, the cumulative net FDI inflow to the Philippines reached $1.038 billion, 61% higher than $644 million during the same period last year.
Most of the investments in August were from the United States, Australia, Netherlands, United Kingdom, Japan and Bermuda, benefiting the manufacturing, real estate, mining and financial and insurance.
Net foreign direct investment, portfolio inflows and remittances from Filipinos working and living overseas help keep the country's balance of payments (BOP) in surplus.