Foreign direct investment (FDI), which flowed into the Philippines for the first nine months of the year, reached P3.1 billion as investors remain positive to the country’s economic prospects.
Data from the Bangko Sentral ng Pilipinas (BSP) on Monday showed that January to September FDI was 33.3 percent higher compared to the recorded $2.3 billion a year ago.
“The significant rise in foreign investments into the country reflects the positive outlook of investors on the Philippines’ economic prospects in spite of the challenging global economic conditions,” the central bank said in a statement.
The BSP added that the country’s domestic economic prospects have been supported by sound macroeconomic fundamentals and a smoothly functioning financial system.
In September 2013 alone, FDI inflows posted an increase of 141.4 percent to reach $319 million.
The central bank said that the September figure is higher than the $132 million posted in the same month in last year.
The month’s net FDI inflows were observed in equity capital, reinvest of earnings, and placements in debt instruments.
Placements were that were sourced mostly from the United States, the United Kingdom, the Netherlands and Hong Kong were channeled mainly to financial and insurance; manufacturing; mining and quarrying; and professional scientific and technical activities.