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July 10, 2008

Philippine FDI grows almost four-fold in April
Net foreign direct investment (FDI) into the Philippines grew almost four-fold to $269 million in April from a year earlier despite global economic uncertainty, Reuters quoted the country's central bank as saying Thursday.

Net FDI in the first four months of the year reached $820 million, down about 43.5 percent from the same 2007 period, it said in a statement, adding that the first quarter of the previous year was marked by a significant infusion of capital into a local beverage company.

The investments - which came mostly from Japan, Singapore, Germany, Malaysia and the United States - were channelled into the manufacturing, services, mining, construction, real estate and financial sectors, the bank said.

The central bank expects foreign direct investment to reach $4.2 billion this year from $2.7 billion in 2007 as investment in the mining, shipbuilding and construction sectors takes off, despite global uncertainties.

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