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Manila Bulletin devider Business devider Banking & Finance devider FDI net inflows up at $4.4 billion in first half

FDI net inflows up at $4.4 billion in first half

Published Sep 10, 2024 05:11 am

The Philippines’ net foreign direct investments (FDI) rose to $4.435 billion as of end-June this year, up by 7.9 percent compared to same period in 2023 of $4.11 billion, based on the latest Bangko Sentral ng Pilipinas (BSP) data.

FDIs, which are equity capital, reinvestment of earnings, and borrowings as registered by the BSP are actual investment inflows unlike the investment data of other government sources which have yet to materialize.

FDI inflows continue to be supported by the country’s strong growth prospects and moderating inflation.

For the month of June only, net FDI inflows however dropped to $394 million or 29 percent lower than the previous year’s $918 million, according to BSP data released on Tuesday, Sept. 10.

The BSP said the decline in net inflows for the month of June was also reflected in non-residents’ net investments in debt instruments which fell by 30 percent to $213 million from $304 million last year. Net investments in debt instruments are mainly intercompany borrowing and lending between foreign direct investors and their subsidiaries and affiliates in the Philippines.

The net investments in equity capital -- other than reinvestment of earnings -- also decreased by 33.2 percent to $74 million in June from $111 million same time in 2023. The reinvestment of earnings likewise slipped 23.4 percent to $107 million from $140 million.

For the month of June only, the BSP said most of the equity capital placements came from investors based in Japan with a 47 percent share of the total; US with 15 percent; Sweden with 14 percent; and Singapore also with a 14 percent share.

About 48 percent of these funds were invested in the manufacturing sector; 18 percent in the real estate sector; 16 percent in the wholesale and retail trade; and financial and insurance industries have 11 percent.

On a year-to-date basis, non-residents’ net investments in debt instruments reached $2.725 billion, down by 3.4 percent from same period last year of $2.821 billion, based on BSP data.

The cumulative reinvestment of earnings also fell by 6.7 percent to $514 million as of end-June compared to $550 million in 2023. Non-residents’ net investments in equity capital other than reinvestment of earnings increased by 62 percent to $1.197 billion versus $739 million last year.

The BSP said equity capital placements in the first semester mostly came from investors in the United Kingdom with a 52 percent share of the total while Japanese investors have 30 percent and US-based investors contributed seven percent.

During the six-month period, about 77 percent of FDIs were invested in the manufacturing sector and 10 percent in the real estate sector.

FDIs are investment by a non-resident direct investor in a resident enterprise with at least 10 percent in equity capital. It also includes investment made by a non-resident subsidiary or associate in its resident direct investor.

The BSP forecasts net FDIs will reach $9.5 billion by the end of 2024. Next year, FDIs are projected to increase further to $10.5 billion.

In 2023, net FDIs totaled $8.86 billion, down from $9.4 billion in 2022.

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