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MANILA - The Philippines enjoyed net inflows of foreign direct investments in July despite a "challenging external environment," the Bangko Sentral ng Pilipinas said on Wednesday.
In a report, the BSP said the country was a net beneficiary of inflows worth $108 million last July, a turnaround from the net outflows of $261 million in the same month last year.
Last July's performance led to net inflows of $1 billion in the first seven months of the year, almost double the $568 million seen in the same period last year.
The BSP said all components of FDI registered positive balances in July, led by the $66 million net lending by multinationals to their Philippine subsidiaries and affiliates, which comprise the other capital account.
Equity capital infusion reached $31 million, with the money invested in information and communication, real estate, manufacturing, mining and financial sectors. These inflows mostly came from the US, Thailand and Japan.
Reinvested earnings of foreign companies reached $11 million, or 35 percent lower than the $17 million in July of last year.
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