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Bangko Sentral: Foreign direct investments drop 60% in Sept.

December 10, 2012 5:53pm

Amid the global economic woes, inflow of foreign direct investments to the Philippines nosedived in September, the Bangko Sentral ng Pilipinas said in a statement Monday. 
 
Net inflow of foreign direct investments to the Philippines fell by 60 percent to $55 million from $138 million a year earlier. 
 
Poor investment appetite for the month due to crisis in the euro zone weighed on FDI flows, the Bangko Sentral said. 
 
The September figure, however, brought the nine-month tally to $1.09 billion, up 40 percent from $782 million in the period last year.
 
“The major sectors that benefited from the investments were the manufacturing, real estate, wholesale and retail, mining and quarrying, financial and insurance, and transportation and storage sectors,” the central bank said.
 
The United States, Australia, the Netherlands, British Virgin Islands, and Japan were the country's top investors in September. 
 
The Philippine government is hoping the country will corner more FDIs starting next year, as officials expect the country to snag an investment grade rating next year on the back of improving macroeconomic fundamentals.  
 
An investment grade from credit rating agencies may spur a surge in FDIs to the Philippines.
 
The Philippine economy grew by 6.5 percent in the first three quarters of the year, registering one of the fastest growth rates during the period in the Association of Southeast Asian Nations.
 
The country is now rated just one notch below investment grade by all major credit-rating agencies, namely Moody’s Investor Service, Fitch Ratings, and Standard & Poor’s, following rating upgrades in  the past two years. — SOA/VS, GMA News
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