News Room - Business/Economics

Posted on 12 Feb 2009

Philippines foreign direct investment falls 41%

Foreign direct investment in the Philippines plunged 41 per cent to US$1.65 billion in the 11 months to November last year amid the global economic crisis, the central bank said on Wednesday.

 

The downturn was blamed on weak investor confidence amid the slowdown in the world economy, the bank said in a statement.

 

November FDI rose 68 per cent to US$232 million compared to the same period in 2007, the bank added.

 

The bank attributed much of the rise in November to an infusion of equity capital coming from Hong Kong that was invested in a local mining company.

 

It did not identify the Hong Kong investors or the mining company.

 

Investments came mainly from the United States, Japan, Singapore, South Korea, Germany, Malaysia, Taiwan and Hong Kong.

 

Most of the FDI went to shipbuilding and repair, auto electronics, tobacco products, services, mining and construction, the central bank said without giving any breakdown.