FDI net inflows decline in May to $429 million amid concerns over new variants: BSP

ABS-CBN News

Posted at Aug 10 2021 03:20 PM

The skyline of Metro Manila is almost completely covered in haze as seen from Antipolo City on July 1, 2021.
The skyline of Metro Manila is almost completely covered in haze as seen from Antipolo City on July 1, 2021. George Calvelo, ABS-CBN News/File


MANILA - The Philippines booked $429 million in net inflows of foreign direct investments (FDI) in May, down 25.4 percent compared to the same month last year, the Bangko Sentral ng Pilipinas said Tuesday.

Despite the decline for the month, the total cumulative FDI level is still 37.8 percent higher at $3.5 billion for the January to May period, compared to $2.5 billion in the same period last year, the BSP said in a statement. 
 
In April, the Philippines booked $679 million in FDI net inflows.

"The FDI decline in May 2021 reflected renewed investor concerns on the rising cases of the new variants of COVID-19 globally," the central bank said.

For the entire 2020, FDI net inflows reached $6.5 billion or 24.6 percent lower compared to $8.7 billion in 2019, the earlier said.

BSP Gov. Benjamin Diokno earlier said FDIs could recover this year. 

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