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Home  >>   Daily News  >>   Philippines News  >>   Investment   >>  FDI surges at end of July
NEWS UPDATES 13 August  2010

FDI surges at end of July

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The Philippines enjoyed a net inflow of foreign portfolio investment (FPI) in the first seven months this year, the central bank said. In a statement, the Bangko Sentral ng Pilipinas (BSP) said the country saw an inflow of $701 million or 164 percent higher than the $265-million in the same seven-month period last year.

The BSP attributed this improvement from positive developments on the domestic front, including lower inflation rate, a stable peso and a more positive outlook with a new government.

Gross FPI inflows grew by 37 percent year-on-year to reach $5 billion from last year's $3.6 billion.

Of the total amount that entered the country, $3.4 billion were invested in shares of companies listed at the Philippine Stock Exchange, up 24 percent from last year's $2.8 billion. Major beneficiaries of the foreign money were banks, property companies, telecommunication companies, holding firms and utility firms.

In July alone, FPI posted a net inflow of $14 million, a turnaround from the $86-million net outflow in June.

Year-on-year, last month's inflow however was 78 percent lower than the $66-million recorded in the same month in 2009.

The top five countries from where the FPI originated were the United Kingdom, the United States, Singapore, Malaysia and Luxembourg, all of which accounted for a combined 84 percent of total inflows.

Year-to-date outflows, which were mostly withdrawals from interim peso deposits, reached $4.3 billion compared with the $3.4 billion last year.

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