FDI inflows soar to $2.97 B in Q1

The inflow of foreign direct investments (FDI) went up by 23.1 percent to $686 million in March, bringing the total in the first three months to $2.97 billion or 42.1 percent higher than in the comparable period a year ago, data from the Bangko Sentral ng Pilipinas (BSP) showed.

- KEISHA TA-ASAN

“FDI increased during the quarter on the back of the country’s strong growth prospects and moderating inflation,” the central bank said in a statement yesterday.

The Philippine economy grew by 5.7 percent in the first quarter, falling short of the government’s six to seven percent target, but faster than the 5.5 percent expansion in the fourth quarter of 2023.

Meanwhile, inflation averaged 3.3 percent in the first quarter, still within the central bank’s two to four percent target.

On a monthly basis, FDI inflows plunged by 49.8 percent in March from $1.37 billion in February. This marked the lowest FDI level in five months or since $670 million in October 2023.