MANILA - The Philippines booked a total of $923 million in foreign direct investment (FDI) net inflows in October, data from the Bangko Sentral ng Pilipinas showed.
October's total is 6.3 percent higher than the $868 million net inflows in October 2021, the BSP said in a statement.
"Despite the global economic headwinds, FDI net inflows rose on account of the increase in non-residents’ net investments in debt instruments and equity capital of their local affiliates," the BSP said.
In terms of country source, equity capital placements largely came from Japan, the United States and Singapore. Investments from these countries were channeled mostly to the financial and insurance, manufacturing and real estate sectors, the central bank said.
However, on a cumulative basis, FDI net inflows dipped by 8.3 percent to $7.6 billion in the January to October 2022 period compared to the $8.3 billion in net FDI inflows in the same period in 2021 as all components posted declines, the BSP said.
President Ferdinand "Bongbong" Marcos Jr's administration has been active in wooing global investors by engaging in discussions during the team's recent state visits.