XINHUA – Foreign direct investment (FDI) that flowed into the Philippines grew year-on-year by 27.8 per cent in November 2023 to reach USD1 billion, the country’s central bank said.
The Bangko Sentral ng Pilipinas (BSP) said the November figure brought the country’s FDI net inflows from January to November 2023 to USD7.6 billion, 13.3 per cent lower than the 11 months in 2022. “(The FDI net inflows recorded in November 2023) was due mainly to the 57.8 per cent expansion in nonresidents’ net investments in debt instruments to USD897 million from USD568 million a year ago,” the BSP said.
It added that non-residents’ net investments in equity capital, other than reinvestment of earnings, and reinvestment of earnings contracted by 52.5 per cent and 8.1 per cent to USD85 million from USD180 million and USD66 million from USD72 million, respectively.
The inflows in November came mainly from Japan and the United States, infused primarily in manufacturing, real estate and construction industries.