FDI inflows hit $2.9B in first 5 months

Job-generating long-term foreign investments continued to rise in May, indicating that the Philippines was still attractive to firms from abroad looking for new markets in which to expand their businesses.

The Bangko Sentral ng Pilipinas (BSP) on Monday reported that foreign direct investments (FDIs) in May rose to $473 million, reversing the net outflow of $62 million in the same month a year ago. However, FDIs in May were down from April’s net inflow of $597 million.

Year-to-date, FDIs as of May reached $2.9 billion, more than a third higher than the $2.18 billion recorded in the first five months of 2013. May’s surge reflected “investors’ confidence in the country’s sound macroeconomic fundamentals,” the BSP said in a statement.