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Business
FDI reaches $1.1 billion in Jan.-Sept.

FOREIGN direct investment (FDI) entering the country reached $1.1 billion in the first three quarters of the current year, surpassing the $782 million registered in the same period of 2011, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

BSP data showed that the surge in FDI emanated largely from net infusion of equity capital amounting to $1.2 billion.

In particular, gross equity capital placements during the nine-month period totaled $1.4 billion, almost thrice the year-ago level of $553 million.

Inflows were channeled mainly to the manufacturing, real estate, wholesale and retail, mining and quarrying, financial and insurance and transportation and storage sectors.

All FDI components posted positive balances during the month, reflecting foreign investors’ growing optimism over the country’s macroeconomic fundamentals.

Meanwhile, the BSP added that the other capital account—consisting largely of intercompany borrowing/lending between foreign direct investors and their subsidiaries/affiliates in the Philippines—posted net outflows of $228 million, a reversal of the $355 million net inflows last year.

The BSP said that for September alone, FDI yielded net inflows of $55 million, significantly lower than $138 million net inflows registered in the same month last year.

Net inflows for the month consisted mainly of equity capital, which reached $57 million, compared to the $121 million recorded in September 2011. These inflows mostly from the British Virgin Islands, US, Macau and Singapore—were channeled to the wholesale and retail trade, real estate, transportation and storage and manufacturing sectors.

Also, reinvested earnings amounted to $121 million. However, this was lower by 56.3 percent than the $277 million posted in the same period last year.

Reinvested earnings also registered net inflows of $20 million. However, these inflows were offset by higher net outflows in the other capital account amounting to $22 million, as local branches of foreign banks remitted profits to their head offices abroad, BSP added.

Refer http://www.manilatimes.net/index.php/business/top-business-news/37118-fdi-reaches-1-1-billion-in-jan-sept

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  • Associated Press

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  • Published on 27 October 2012 [...]

  • INQUIRER.net

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FDI reaches $1.1 billion in Jan.-Sept.


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