MANILA - Foreign direct investment net inflows hit $808 million in March 2021, higher by 139.5 percent compared to $337 million in the same month last year over improved investor sentiment and resumption of economic activities, the Bangko Sentral ng Pilipinas said Thursday.

The total brought the cumulative FDI net inflows to $2.4 billion in the first quarter of 2021, up 45.1 percent compared to $1.6 billion in the same period last year, the BSP said in a statement.

March saw the onset of the COVID-19 pandemic in the country, which shuttered most businesses.

"March 2021 FDI increased on account of improved investor sentiment amid the gradual resumption of domestic activities, while adhering to the minimum health standards, and government efforts to accelerate the vaccination program," the BSP said.

• Foreign direct investment at $509 million in December, full year down to $6.5 billion: BSP

Last year, FDi net inflows reached $6.5 billion, 24.6 percent lower compared to $8.7 billion in 2019, data showed.

BSP Governor Benjamin Diokno earlier said foreign direct investments could recover this year.

• Philippines draws 'strong growth' in foreign direct investments for January 2021: BSP
• Dissecting Data: Foreign direct investments fall by a quarter

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