FDI to Philippines soar last year

The Philippine central bank said on Friday that net inflows of foreign direct investments (FDI) rose by 140.5 percent to 178 million U.S. dollars in November, sustaining the uptrend in investments as fiscal reforms continue to attract fresh capital to the country.

The Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said foreign investment during the month surged as transactions between investee-companies and their foreign principals increased.

The November level brought the cumulative foreign direct investments for the first 11 months of the year to 1.1 billion U.S. dollars, 70 percent higher than 624 million U.S. dollars posted in the comparable period last year.

In November, the "other capital" component of FDIs, which include inter-company borrowings, rose sharply to 159 million U.S. dollars from 20 million U.S. dollars a month earlier.

This offset the net outflow in reinvested earnings and slower net inflow in equity capital posted during the month, said the BSP governor.

Source: Xinhua