In the first full year of President Rodrigo Duterte, the Bangko Sentral ng Pilipinas (BSP) said foreign investments hit a record high buoyed by the country’s robust economy.
On March 12, BSP Governor Nestor Espenilla Jr. said foreign direct investments (FDI) reached $10.049 billion last year, 21.4 percent higher versus 2016.
“Investors continue to view the country as a favorable investment destination on the back of the country’s sound macroeconomic fundamentals and growth prospects,” he said.
BSP said all major FDI components posted higher number last year.
Net equity capital investments surged 25.9 percent to $3.26 billion, with gross placements of $3.74 billion surpassing withdrawals of $479 million, the data showed.
Reinvestment of earnings also rose by 9.3 percent to $776 million, it added.
The central bank noted equity capital placements originated largely from the Netherlands, Singapore, the US, Japan, and Hong Kong.
The BSP chief expressed bullishness that FDI could sustain its strong performance this 2018.
He noted easing the cost of doing business and improving the financial system “[were part of] the whole point of improving our investment climate through various range of policies.”