Net inflow of foreign direct investments (FDIs) to the Philippines fell in February despite the country’s efforts to corner more job-generating funds.
Net inflow of FDIs during the month amounted to $84 million—down by nearly 31 percent from the $121 million reported in the same period last year, the Bangko Sentral ng Pilipinas said Thursday.
But in the first two months of the year, net inflows reached $850 million—three times higher than the $335 million of the same period last year.
FDI growth in the first two months “reflected favorable investor sentiment as the country’s macroeconomic fundamentals remained strong amid continuing concerns over the sovereign debt crisis in some parts of Europe and the moderation in global activity,” the BSP said in a statement.
In the first two months of the year, gross inflows reached $927 million, with outflows amounting to $77 million.
The government is bent on shoring up FDIs, which the country needs to generate more jobs and accelerate economic growth. But the Philippines continues to lose out to its neighbors in the region.
Indonesia earlier reported that its gross inflows of FDIs reached $5.6 billion in the first quarter.
Also, Thailand reported gross FDIs of $811 million in January alone, while Vietnam cornered $1 billion worth of FDIs in the first two months of the year.