Jan.-Sept. FDIs drop 33% to $671M, says Bangko Sentral

Foreign direct investments in January to September year reached $671 million, the Bangko Sentral ng Pilipinas (BSP) said on Monday, due in significant part to a $118 million in net infusion of equity capital and a $79 million in reinvested earnings in September.   The first nine months of FDIs are 32.9 percent lower than the $1 billion posted in the comparable period last year. The BSP said the decline reflects "challenging global economic conditions and strains in foreign financial markets."   Still, the BSP said reinvested earnings into their local enterprises and corporations reflect the confidence of investors operating in the country.   Reinvested earnings in the three quarters to September totaled $357 million — a 35.7 percent increase from $263 million a year earlier.   FDIs largely came from the United States, Hong Kong, Japan, South Korea, and Singapore and were channeled to financial and insurance activities, real estate, manufacturing, mining, and utilities. — ELR/VS, GMA News