Philippines’ Jan-July FDI rises 52.1 percent y/y to $6.7 billion

October 10, 2018 - 5:07 PM
578
Net foreign direct investments in the Philippines jumped 52.1 percent in the first seven months of this year from a year earlier to $6.7 billion. (Philstar/File photo)

MANILA — Net foreign direct investments in the Philippines jumped 52.1 percent in the first seven months of this year from a year earlier to $6.7 billion, the central bank said on Wednesday.

In July alone, net FDI touched $914 million, more than double the $344 million net inflow in the same month last year, it said in a statement.

Equity capital investments during the seven-month period came mainly from Singapore, Hong Kong, Japan, the United States and China, it said.

The Philippine government has vowed to reduce red tape, overhaul infrastructure, and further open up the economy to get a bigger share of FDIs flowing into Southeast Asia, where other countries have been attracting much more.

The central bank has projected net FDIs in the Philippines this year to reach $9.2 billion, compared to last year’s record high of slightly over $10 billion. — Reporting by Enrico dela Cruz; Editing by Sunil Nair