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Philippines FDI seen rising 23% in 2009

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Philippines FDI seen rising 23% in 2009
The Philippines should attract foreign direct investment of $3.2 billion in 2009, up from an estimated $2.6 billion this year, the central bank said on Monday.

Reuters quoted Governor Amando Tetangco as telling reporters that the increase should come about as the global economy posts a mild recovery from this year.

He said investments in mining were likely to reach $1 billion in 2009 while the manufacturing sector would attract $700 million.

The Philippines drew $813 million in net FDI in the first six months of the year against $1.93 billion in the same period in 2007, central bank data shows.

Tetangco also said net portfolio investments should reach $1.4 billion in 2009 from a projected $700 million this year.

As of September 5, the country recorded net portfolio outflows of $301.15 million against an inflow of $3.4 billion in the same period in 2007.

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