Philippine FDI in 2009 hits $1.9 billion

The Philippines' net foreign direct investments (FDI) in 2009 hit $1.9 billion, 26.2 percent higher from the previous year buoyed by investors confidence in the Philippine economy, the country's central bank said Wednesday.

"The country continued to attract foreign investment in 2009 as investors recognized the relative strength of the country's underlying macroeconomic fundamentals, with inflation continuing to be low and falling within target, the external payments position remaining favorable, and economic growth showing resilience amidst the strength in domestic demand," Philippine Central Bank Officer-in-Charge Diwa C. Guinigundo said in a statement.

Net equity capital flow in 2009 increased 50 percent to $1.8 billion. Investors from the US, Japan, Hong Kong and the Netherlands supported the manufacturing, real estate, construction, finance, transportation, mining and trade sectors.

Reinvested earnings reached $84 million, as investors decided to put corporate earnings in local enterprises following a global economic recovery.

Source:China Daily