Foreign direct investments (FDI) surged in May from a year earlier but were lower compared to the previous month, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.
Net inflows were up 57 percent to $572 million from $365 million a year ago, but fell 34 percent from April’s one-year high of $874 million.
Lending by parent companies abroad to local affiliates contributed largely to the net FDI inflows during the month, rising 108.3 percent to $459 million from a year earlier. Compared to May, these dropped 36.5 percent.
Reinvested earnings grew year-on-year by 7.8 percent to $71 million, but dropped 12 percent from a month ago.
Net equity capital infusions totalling $43 million, meanwhile, were down 45.6 percent from last year. It also eased by 38.5 percent from April.
May’s FDI results pushed year to date inflows to $3 billion, a 23.8 percent decline year-on-year.