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Philippine FDI down in H1

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Philippine FDI down in H1
Foreign direct investments (FDI) in the Philippines recorded a net outflow of $12 million in June, much smaller than a net outflow of $367 million a year earlier, Reuters quoted the central bank as saying Wednesday.

The June data brought FDI in the first half of the year to a net inflow of $813 million, compared with a year-earlier $1.93 billion.

The drop in first-half FDI reflected "the prevailing cautious investor sentiment due to concerns about the negative effects of global financial market stresses on global demand," the central bank said in a statement.

Investments in the first half came mostly from the United States, Japan, Singapore, South Korea, Germany and Malaysia and were channelled into the manufacturing, services, mining, construction, real estate and financial sectors.

Loan repayments by corporates to their parent firms overseas and trade credit to overseas affiliates saw a net outflow of $183 million in June, which dragged on the FDI figures, the central bank said.

In June, the central bank slashed its 2008 FDI forecast to $2.6 billion from a previous expectations of $4.2 billion, which would be broadly in line with net inflows of $2.7 billion in 2007.

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