The Department of Finance (DOF) said that the quick recovery of foreign direct investments (FDI) following the strict lockdowns signalled investors’ favorable long-term prospects for the Philippines. The country’s FDIs sustained its annual growth from May to July this year, as based on its latest economic bulletin.
Further, recent data from the Bangko Sentral ng Pilipinas (BSP) showed that FDIs grew for three consecutive months with 39.1 per cent in May, 7.1 percent in June and 35.1 per cent in July.
The central bank attributed the steady climb on investors’ improving sentiment amid easing of containment measures, and some signs of gradual improvements in economic activity in the country.
“Strict quarantine measures implemented in the final weeks of the first quarter may have [only] put FDI inflows temporarily on hold… long-term prospects remain positive,” Finance Undersecretary Gil Beltan said in a report submitted to Finance Secretary Carlos G. Dominguez III.