MANILA -- Foreign direct investments to the Philippines climbed by 50.2 percent to $1 billion in October, the Bangko Sentral ng Pilipinas (BSP) said.

Foreign direct investments in the same month in 2023 were only at $681 million, the BSP said.

Foreign direct investments up in July

In a statement, the central bank said nonresidents' net investments in debt instruments jumped 60.7 percent to $839 million from $522 million. Nonresidents’ net investments in equity capital also grew by 34.1 percent to $100 million from $74 million.

The BSP said most of the equity capital placements in October came from Japan, the United States, and Singapore. They were invested in the manufacturing, real estate, and construction industries.

The Philippines has been a laggard compared to its neighbors in the region when it comes to attracting foreign investments. Vietnam, Malaysia and Thailand have all recently announced attracting huge investments from Silicon Valley tech giants.

The government has been hoping though that with new laws meant to further open up the economy to outside capital, the country can catch up with its peers in the ASEAN.

Economists have said that for the Philippines to meet its growth goals, it needs to attract more foreign investments. 

President Ferdinand Marcos Jr. has been pitching the Philippines as an investment destination to foreign businessmen throughout his numerous trips abroad.

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