Philippines FDI Grows 43.5% in Q1

Foreign direct investment into the Philippines in the first quarter of this year rose to $2.2 billion, or an increase of 43.5% compared to the same period last year, the government said on Sunday.

Citing data from the central bank Bangko Sentral ng Pilipinas, finance assistant secretary, Paola Alvarez, said that in March 018 alone, FDI net inflows reached $682 million, or an increase of 27% from $537 million recorded in the same period in 2017, Xinhua reported.

“These are actual investments that flowed into our economy that helped create jobs and fueled growth. We should be more concerned with FDIs that are delivering economic benefits to the people, rather than pledges,” Alvarez said.

She said the increase in FDI inflows “is a testament to the strong vote of confidence by investors in the economic strategy of the Duterte administration, which is anchored on an aggressive spending program on infrastructure and human capital development to achieve inclusive growth.”

In 2017, she said foreign businessmen also brought a record amount of investments into the country. FDI inflows reached a record high of $10 billion last year, up by 21.5% from the previous year.

Finance Secretary Carlos Dominguez has said that this high volume of FDI inflows indicate a “broader and sustained increase of investment inflows into our economy”.

The central bank said the 43.5% increase in FDI net inflows in the first quarter “reflected investors’ continued positive outlook on the Philippine economy on the back of sound macroeconomic fundamentals and robust growth prospects.”