The recovery of foreign direct investment (FDI) inflows demonstrates investors continued confidence in the Philippines’ long-term growth prospects, according to the Department of Finance (DOF) .
In his latest economic bulletin, Finance undersecretary Gil Beltran said that while FDIs initially suffered following the imposition of lockdowns in mid-March, inflows showed a quick recovery afterwards.
Citing data from the Bangko Sentral ng Pilipinas, Beltran said that the Philippines’ net FDI in April, or the first full month of Luzon-wide lockdown, plunged by 68.4 percent to $314 million from $993 million in the same month last year.
This was reversed in May and June, when year-on-year FDI growth reached 39.1 percent and 7.1 percent, respectively.
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