FDI inflows hit $473 M in May

MANILA, Philippines (Xinhua) - Foreign direct investment (FDI) inflows in the Philippines reached $473 million in May, the local central bank said today.

The FDI level in May was a turnaround from the $62 million net outflow posted in the same period last year.

The Philippine central bank said investments of parent companies abroad in debt instruments issued by their local affiliates, or intercompany borrowings, amounted to $338 million in May, a reversal from the net outflows of $12 million recorded a year ago.

Equity capital posted net inflows of $73 million during the period from net outflows of $117 million registered in May 2013.

The bulk of foreign investments came from the United States, Singapore, the United Kingdom, Japan and Germany. FDIs were channeled mainly to financial and insurance; real estate; manufacturing; wholesale and retail trade; and professional, scientific and technical activities.

FDI inflows in January to May surged 34 percent to $2.92 billion from $2.18 billion posted in the same period last year.