Foreign direct investment (FDI) in the Philippines surged 300 percent in April from a year earlier, pushed by a sharp rise in intercompany borrowings which the central bank simply attributed to investor confidence in the country’s economic fundamentals.

Cumulative levels of FDI for the first four months of the year showed a 9.1 percent year-on-year gain. FDIs are direct capital investments, in contrast to hot money, which is invested through the local financial markets.

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