MANILA - Net inflows of foreign direct investments were up 42.4 percent in the first six months of the year compared to the same period last year, the Bangko Sentral ng Pilipinas (BSP) said Monday.
The BSP said FDI net inflows reached $5.76 billion from January to June this year compared to $4.04 billion in the first six months of 2017.
"The continued inflows of FDI indicate investor confidence in the Philippine economy on the back of strong macroeconomic fundamentals and growth prospects," the BSP said in a statement.
Net equity capital was the main driver of the higher FDIs as it grew more than 7 times to $1.58 billion in the first semester of 2018 from $201 million in the same duration last year.
Last week, the Philippine Statistics Authority said the total approved foreign investments for the first six months of the year reached P45.2 billion, up 10 percent compared to the same period in 2017.