MANILA -- The Philippines booked $686 million in foreign direct investment (FDI) net inflows in March, 23.1 percent higher than the $557 million booked in the same month in 2023, the Bangko Sentral ng Pilipinas (BSP) said Monday.

The BSP said nonresidents’ net investments in debt instruments rose to $465 million from US$391 million in March 2023.

Nonresidents’ net investments in equity capital (other than reinvestment of earnings) also climbed by 67.1 percent to $157 million from $94 million. 

Reinvestment of earnings, however, fell by 11.3 percent to $64 million.

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

All in all, FDI net inflows reached $3 billion in the first quarter of 2024--a 42.1. percent jump from the $2.1 billion recorded in the same period last year.

The FDI said this is because of the Philippines' strong growth prospects and moderating inflation. 

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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.