MANILA -- The Philippines booked $422 million in foreign direct investment (FDI) net inflows in September, 42.2 percent lower than the $731 million booked in the same period last year, the Bangko Sentral ng Pilipinas (BSP) said Monday.

The BSP said FDIs declined as nonresidents’ net investments in debt instruments dropped by 47.8 percent, from $456 million to $238 million.

Nonresidents’ net investments in equity capital also fell by 43.9 percent to $105 million from $187 million.

Their reinvestment of earnings also decreased 9.9 percent to $79 million from $87 million.

Equity capital placements during the month mostly came from Japan, Singapore, and the United States. These were invested in the financial and insurance, construction, and manufacturing industries.

FDI net inflows also declined in August.

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 net inflows decline in August

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