FDIs down by 19.2% in August
Foreign direct investments (FDIs) dropped by 19.2% year-on-year to $797 million in August, said Bangko Sentral ng Pilipinas (BSP).
In its latest report, the BSP said that the gloomy sentiment in FDI inflows in the country was largely due to the projected global economic recession.
That said, FDIs represent firmer commitments from foreign investors that generate jobs for Filipinos. The BSP projected the Philippines would rack up $11 billion in net FDI inflows this year, higher than the actual $10.5 billion generated last year.
Domini Velasquez, chief economist at China Banking Corp., expects FDIs this year to feel the impact of headwinds abroad.
However, she noted that the quick implementation of the amendments to the Public Services Act, which will open the domestic economy to greater foreign investments in certain public sectors such as telcos and railways, should be prioritized.
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