As lockdowns eased, the country has managed to maintain its growth momentum in July
According to Bangko Sentral ng Pilipinas, the Philippines has acquired more long-term capital from overseas investors in July, its third straight month of growth even though the total record for 2020 continued to be below the levels documented during the same period a year before, reported Inquirer.Net.
The net influx of foreign direct investment (FDI) maintained its ascent in July 2020, recording a 35.2 percent year-on-year growth to USD797 million from USD590 million in July 2019.
“The FDI net inflows rose for the third consecutive month on the back of investors’ improving sentiment due in part to easing of containment measures, and some signs of gradual improvements in economic activity based on high-frequency indicators,” explained the central bank.
The surge in FDI net inflows in July 2020 was primarily based on net investments in debt instruments, which they revealed grew by 60.1 percent to USD643 million from USD402 million in the same period last year.
As for net equity capital investments, its figures dropped by 19.6 percent to USD81 million in July 2020 from USD101 million a year before, mainly because of lower equity placements of USD89 million compared to USD170 million in July 2019. However, this was alleviated by the drop in withdrawals to USD8 million from USD69 million last year.
In July 2020, most equity capital placements came from the United States, Japan and China, with the majority largely directed to the real estate, construction, manufacturing and wholesale and retail trade sectors.
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