Philippines books $812-M FDI net inflows in August, up 19.8 percent

ABS-CBN News

Posted at Nov 10 2021 08:31 PM

MANILA - The Philippines booked $812 million in net inflows of foreign direct investments in August, up 19.8 percent from the same month last year, the Bangko Sentral ng Pilipinas said on Wednesday. 

"This development brought the FDI net inflows for the first eight months of the year to $6.4 billion, higher by 39.7 percent than the $4.6 billion net inflows in the comparable period in 2020," the BSP said. 

The central bank said cumulative FDI net inflows rose on the back of the 71.6 percent growth in non-residents’ net investments in debt instruments to $4.5 billion from $2.6 billion.

The growth in FDI net inflows in August was driven by non-residents’ net investments in debt instruments, which grew by 38 percent year-on-year to $636 million compared to the same month last year.

Meanwhile, reinvestment of earnings contracted by 24.7 percent to $99 million from $132 million, the BSP said

The Philippines has historically lagged behind its neighbors in attracting foreign investments. But the country's economic managers are hoping that several proposed amendments to the country's investment laws, which seek to liberalize the entry of foreign capital, will help turn this around.