MANILA -- Foreign direct investment (FDI) net inflows to the Philippines grew by 89.9 percent in January, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

The central bank said FDI net inflows climbed to $907 million, from the $478 million recorded in January 2023.

The BSP said this is because nonresidents’ net investments in debt instruments more than doubled to $820 million, from $300 million in January last year. 

The Bangko Sentral also noted that reinvestment of earnings likewise climbed by 16.4 percent to $99 million from $85 million. 

Nonresidents’ net investments in equity capital, meanwhile, posted net outflows--from $93 million in January 2023 to $11 million this year. 

Foreign direct investments net inflows rise in December

The Philippines has been a laggard in terms of attracting foreign investments compared to its regional peers. 

The government however is hoping that recent changes to the country’s investment laws which remove restrictions on foreign ownership in certain industries, will help attract more capital.

Think tank: Pinoys OK with easing foreign restrictions in Constitution to boost jobs, lower food prices

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