The Bangko Sentral ng Pilipinas (BSP) reported on Friday that registered foreign direct investments
(FDIs) in the first five months increased by 29.08 percent to $648 million.

BSP said this number show foreign investors confidence that the Philippine economy will show continued growth this year. The official government forecast is a gross domestic product growth of 0.8-1.8 percent, lower than previous projection of 3.1 percent. For the month of May, FDIs totaled $601 million, up 154.6 percent year-on-year and is also a significant reversal of the $25 million withdrawals
in April this year.

“The rebound in FDI flows given the difficult global economic conditions reflected foreign investors’ confidence in the country’s macroeconomic fundamentals,” BSP Governor Amando M. Tetangco Jr. said in a press release.