Foreign direct investment in RP rises 94.4 pct in March

ABS-CBN News

Posted at Jun 10 2008 07:04 PM | Updated as of Jun 11 2008 03:04 AM

Agence France-Presse

Foreign direct investment in the Philippines rose 94.4 percent in March to $208 million compared to the same period last year, the central bank announced on Tuesday.

This brought total foreign direct investment (FDI) in the first three months of the year to 551 million dollars, a 60.3 percent reduction from the same period last year, the bank said in a statement.

The fall in FDI in the first three months was attributed to "the general slowdown in economies of major investor countries, particularly the United States."

However, the central bank said net foreign investment remained in surplus in the first quarter of the year "despite the drop in investor optimism due to rising concerns on global uncertainties."

The largest investments were in the manufacturing sector, including ship-building, auto, electronics parts and components, recreational services, mining, construction, real estate and financial institutions.

"Investments came mainly from Japan, US, Malaysia, and South Korea," the central bank said, without giving details.