Filtered By: Money

Foreign direct investments down 37.9% in July —BSP

Foreign Direct Investments (FDI) in the Philippines fell by 37.9 percent in July from a year earlier, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

Data released by the BSP showed FDI inflows fell to $307 million in July, down 37.9 percent from $493 million in the same month last year.

"This was mainly on account of the decline in investments in debt instruments to $105 million from $407 million, which outweighed the more than five-fold increase in net equity capital," the central bank said.

Majority of capital infusions in July came from Singapore, the United States, the Netherlands, Japan, and Taiwan.

FDI inflows in the first seven months slipped to $3.904 billion, down 16.5 percent from $4.677 billion a year earlier.

Also on Tuesday, the National Economic and Development Authority (NEDA) claimed that foreign businessmen remain confident about doing business in the Philippines.

"Among the reasons for the positive outlook of business, according to the BES (Business Expectations Survey), are the uptick in the consumer demand during the holiday, harvest and milling seasons, and the government's massive infrastructure program," it said.

Over the weekend, Senate Minority Leader Franklin Drilon expressed "serious" concerns about the capability of the government to attract new foreign investors.

Members of the government economic team are scheduled to hold a roadshow in New York this week to promote the Philippine infrastructure program to prospective investors in the US. — Jon Viktor Cabuenas/VDS, GMA News