Foreign investments triple in October with strong appetite for PH stocks
Foreign investors placed huge bets in the Philippines during the month.
Net inflows of foreign direct investments (FDI) tripled to $2 billion in October 2017 coming from $670 million recorded a year ago, the Bangko Sentral ng Pilipinas said.
The investment tally is the biggest in over a year, since the record-high of $2.2 billion in April 2016.
The central bank attributed the investment surge to “continued investor confidence” towards the economy, given strong macroeconomic and growth prospects.
The spike in FDIs came as investors threw their money towards local stocks, with gross placements totaling $1.6 billion from a measly $84 million a year ago. The sectors which received the biggest inflows are electricity, gas, steam and air-conditioning supply activities; followed by manufacturing; construction; real estate; and wholesale and retail trade.
Investors from The Netherlands, Singapore, Kuwait, the United States, and Germany were the biggest sources for the month.
Total FDIs as of end-October reached $7.9 billion, up by 20.5% from $6.5 billion the previous year.