Philippine FDIs skyrockets - Central Bank
There will be more jobs created this year due to a strong influx of foreign direct investments, said the Bangko Sentral ng Pilipinas (Central Bank of the Philippines). In addition, the bank said that the FDI rush was a result of "strong economic fundamentals" which prevails in the current Philippine market.
According to a recently released statement, the central bank said that foreign direct investment inflow totaled to about US$202 million in April. This figure is tremendously larger than previous months, reflecting a 61.6% increase. This upsurge in net gain was driven by a record breaking 626.92% increase in new equity capital investments.
Furthermore, the Bangko Sentral ng Pilipinas commented, "The continued FDI inflows reflected the favorable investment climate on the back of the country's sound macroeconomic fundamentals."
Earlier this year, fresh equity capital placements were lackluster. Earnings which are reinvested in the Philippine market also decreased by almost 40% in April.
The current Aquino administration is expecting new FDIs this year to control poverty which was considered to be the greatest hurdle for the country's seemingly unstoppable forward march.