MANILA - Foreign direct investments (FDIs) surged nearly threefold in June, reflecting investors' confidence in the Philippine economy, the Bangko Sentral ng Pilipinas (BSP) said Monday.
The central bank said net FDI inflows reached $674 million in June or 183.1 percent higher than the $238 million recorded in the same month last year.
"In part, the increase in FDI inflows during the month was largely due to the expansion in debt instruments or intercompany borrowings from foreign direct investors by their subsidiaries or affiliates in the Philippines," the BSP said.
Despite the surge in FDIs in June, the BSP said there was a 14 percent decline in net FDI inflows in the first six months of the year to $3.6 billion from $4.18 billion in the same period last year.
The BSP is targeting a net FDI inflow of $8 billion this year after reaching a record high of $7.9 billion last year.