MANILA— The Philippines booked a total of $833 million in foreign direct investment net inflows in June, the Bangko Sentral ng Pilipinas said Friday.
The total is 60.4 percent higher compared to the $519 million in the same period last year, the BSP said in a statement.
This brought the total net inflows for the first half of 2021 to $4.3 billion, up by 40.7 percent compared to $3.1 billion in the January to June period last year, the central bank said.
"FDI net inflows in June 2021 increased mainly on account of infusion by foreign direct investors to their subsidiaries/affiliates in the Philippines in the form of net investments in debt instruments," the BSP said.
Infusions of foreign direct investors to subsidiaries rose 151.8 percent to $630 million while reinvestment of earnings grew 23.4 percent to $110 million from $89 million, it said.
For the month of June, equity placements mainly come from Japan, the United States and Singapore which are largely invested in manufacturing, real estate, and financial and insurance industries, the BSP said.
Economic managers earlier downgraded the growth projection for the year to the 4 to 5 percent range from 6 to 7 percent due to the emergence of the more contagious COVID-19 Delta variant.
The country's gross domestic product grew by 11.8 percent in the second quarter, which takes into account the low base effects after the economy contracted by 17 percent in the second quarter of 2020.