Net FDI inflows hit $766M in JanuaryBy Michelle V. Remo
Philippine Daily Inquirer
Net inflows of foreign direct investments rose by nearly four times year-on-year in January.
The Bangko Sentral ng Pilipinas on Thursday reported that net inflow of FDIs reached $766 million in January compared with the $214 million registered in the same period the previous year.
The BSP said the inflows benefited the manufacturing, trade, financial, real estate and mining sectors.
The inflows came mostly from investors in the United States, Australia, Kuwait and Canada.
“Positive domestic economic developments, including strong external payments dynamics and favorable corporate earnings in 2011 helped boost investors’ sentiment,” BSP Governor Amando Tetangco Jr. said in a statement.
The central bank said that despite the lingering uncertainties worldwide, the Philippines managed to attract more FDIs because of the improvement in the local economy’s performance.
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