MANILA -- The Bangko Sentral ng Pilipinas said Wednesday net inflows from foreign direct investments shrank in April as investors put their plans on hold due to the coronavirus pandemic.
Foreign direct investments registered net inflows of $311 million (P15.3 billion) in April, a 67.9 percent decline from $971 million the previous year, the BSP said in a statement.
The slowdown in FDI inflows for January to April brought levels to $2 billion, lower by 32.1 percent compared to the $2.9 billion in the comparable period last year, it said.
"The slowdown in FDI inflows reflected the continued weak global and domestic demand prospects prompting many investors to put on hold investment plans amid the unresolved COVID-19 pandemic," the BSP said.
Net investments in equity capital rose 95.2 percent to $661 million from $338 million. This helped temper the reduction in FDI for the period, the BSP said.
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