MANILA -- The Philippines booked $394 million in net inflows of foreign direct investments in June, lower than the $555 million net inflows posted in the same month last year, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

BSP said all major FDI components saw lower net inflows: nonresidents’ net investments in debt instruments fell by 30 percent to $213 million from $304 million the year before. 

Nonresidents’ net investments in equity capital (other than reinvestment of earnings) dropped 33.2 percent to $74 million from $111 million, while reinvestment of earnings slid 23.4 percent to $107 million.

Equity capital placements during the month mostly came from Japan, the United States, Sweden, and Singapore. They were invested in manufacturing, real estate, wholesale and retail trade, and financial and insurance industries. 

For the first half of the year, however, net FDI inflows climbed to $4.4 billion, higher by 7.9 percent than the $4.1 billion seen in the same period the year prior.

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

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

Foreign direct investments dip in April