By: Michelle V. Remo
Philippine Daily Inquirer
The country registered a net inflow of foreign direct investments (FDIs) in October last year, recovering from the net withdrawal suffered during the same period in 2010, as Philippine growth prospects eased the impact of the bearish global economy on investor sentiment.
The Bangko Sentral ng Pilipinas (BSP) reported Tuesday that FDI inflows to the country stood at a net inflow of $58 million last October, a swing from the net outflow of $32 million in the same month of the previous year.
Gross inflows for the month were recorded at $60 million, while the outflows stood at $2 million.
Officials said the reversal in October was due to the belief that the Philippines, like other emerging economies in Asia, would still grow despite the ill-effects of the debt crisis in the eurozone, as well as the sluggish growth of the US economy.
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