MANILA -- The Philippines booked $789 million in foreign direct investment (FDI) net inflows in August, slightly lower than the $792 million booked in the same period last year, the Bangko Sentral ng Pilipinas (BSP) said Friday.

The BSP said FDIs declined as nonresidents’ net investments in debt instruments dropped by 7.8 percent, from $582 million to $537million.

The central bank noted, however, that nonresidents’ net investments in equity capital grew by 13.3 percent to $36 million from $31 million.

Their reinvestment of earnings also rose 21.4 percent to $217 million from $179 million.

Equity capital placements during the month mostly came from Japan, the United States, and Singapore. These were invested in the manufacturing, wholesale and retail trade, and information and communication industries.

FDI net inflows rose 35.7 percent in July.

The Philippines has been a laggard in terms of attracting foreign investments compared to its regional peers.

The government however is hoping that recent changes to the country’s investment laws which remove restrictions on foreign ownership, will help attract more capital.

• Foreign direct investments rise in July

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