MANILA -- The Philippines booked $655 million in foreign direct investment (FDI) net inflows in October, which was 29.6 percent lower than the $930 million booked in the same period last year, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

The BSP said FDIs declined as net investments in debt instruments went down by 26.1 percent, from $682 million to $504 million.

Nonresidents’ net investments in equity capital also decreased by 54.4 percent to $74 million from $163 million.

Their reinvestment of earnings also fell 10.3 percent to $76 million from $85 million.

Equity capital placements during the month mostly came from Japan, the United States., and Singapore. These were invested in the manufacturing, real estate, and financial and insurance industries.

FDI net inflows also fell in September.

• FDI net inflows fall in September

The Philippines has been a laggard in terms of attracting foreign investments compared to its regional peers.

The government however is hoping that recent changes to the country’s investment laws which remove restrictions on foreign ownership, will help attract more capital.

• Foreign direct investments net inflows decline in August

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