MANILA – The net inflow of foreign direct investments (FDIs) went up by 27.8 percent in November last year.
Data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed that FDI net inflows during the month amounted to USD1 billion, higher than the USD800 million net inflows recorded in November 2022.
"This improvement was due mainly to the 57.8 percent expansion in nonresidents’ net investments in debt instruments to USD897 million from USD568 million a year ago," the central bank said.
Top sources of FDIs during the month were Japan and the United States.
These were channeled primarily to manufacturing, real estate, and construction industries.
In the first eleven months of 2023, FDI net inflows reached USD7.6 billion, lower by 13.3 percent than the USD8.7 billion in the same period in 2022.
The central bank said, "FDI remained subdued due to the lingering impact of high inflation and low growth prospects globally."
For the same period, the biggest sources of FDIs include Japan, the United States, Singapore, and Germany.
The central bank said 50 percent of these FDIs went to the manufacturing sector, followed by real estate at 15 percent, financial and insurance at 12 percent, and other industries at 24 percent. (PNA)