FDI to Philippines double to $436m in February

Foreign direct investments (FDI) to the Philippines more than doubled in last February to 436 million U.S. dollars, up 127.1 percent from 192 million dollars in February 2012, Bangko Sentral ng Pilipinas (BSP), the central bank, reported on Friday. This brought the tally of the first two months of 2013 to over 1.01 billion dollars. However, the figure is still down 18.7 percent from the previous year's 1.24 billion dollars. No explanation was given for the decline by BSP. "The sustained inflows of FDI reflect investors' increasing optimism over the country's growth potential notwithstanding the uncertainties on the strength of the global economy," the central bank said in a statement. Investments in securities rose more than five-fold in February to 161 million dollars. This brought the year-to-date tally to 490 million dollars, up 129 percent. Reinvested earnings, meanwhile, dipped 29.4 percent to 60 million dollars in February, figures showed. For the first two months, the tally went down by a slower 19 percent to 145 million dollars. Equity placements, mainly infusions of foreign companies to their local offices, rose 69.8 percent to 275 million dollars in February, but slumped 49.4 percent to 522 million dollars so far this year. The bulk of equity investments came from Japan, the United States and Hong Kong, China. The Philippine central bank projects FDI will reach 2.2 billion dollars this year.