January 10, 2025 | 4:53pm
MANILA, Philippines — The Philippines saw a 50.2% increase in foreign direct investments (FDI) in October 2024 compared to the same month in 2023.
The Bangko Sentral ng Pilipinas (BSP) reported on Friday, January 10, that FDIs rose from $681 million in October 2023 to $1.02 billion in October 2024.
The October 2024 FDI was the highest since February 2024, which recorded $1.36 billion.
“The increase in net FDI inflows was due to the 60.7% growth in nonresidents’ net investments in debt instruments to US$839 million from US$522 million,” the BSP said in a statement.
Nonresidents’ investments in equity capital (excluding reinvestment of earnings) rose by 34.1%, reaching $100 million from $74 million in the same period last year.
FDI inflows were offset by a 0.9% decrease in nonresidents’ reinvestment of earnings, which dropped from $84 million in October 2023 to $83 million in October 2024.
The BSP said that year-to-date FDI has reached $7.7 billion, representing the period from January to October 2024.
“This represents a growth of 8.2% from the US$7.1 billion net inflows in January-October 2023,” the BSP said.
In October 2024, the United Kingdom slightly overtook Japan as the top source of FDI compared to 2023. The BSP listed the following top sources of FDI from January to October 2024:
- United Kingdom: 40%
- Japan: 39%
- United States: 9%
- Singapore: 5%
FDIs were mostly concentrated in the manufacturing industry at 73%, followed by real estate at 12%, wholesale and retail trade at 4% and other industries at 11%.
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