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7 months ago | Local Business News | 0 comments

By Xai Reyes

The Bangko Sentral nf Pilipinas (BSP) said Foreign direct investments (FDI) -investments made by foreign companies or individuals in the Philippines -saw further improvement in June amid the easing of lockdown restrictions pandemic.

Data released by the BSP showed FDI stood at a net inflow of $481 million, up 7.1% from $449 million in the same period in 2019.

“This positive development was underpinned by the gradual reopening of advanced economies with investment interest in the Philippines, and the country’s sustained strong macroeconomic fundamentals, despite the COVID-19 pandemic,” the central bank said.

The 7.1% net FDI inflows increase in June further reduced the cumulative contraction to 18.3% in the January to June period at $3 billion from $3.7 billion year-on-year.

The first-semester net FDI inflow decline is also an improvement from the 21.9% slide posted from January to May.