FDI to Philippines up 42%

FDI to Philippines up 42%

MANILA (AFP): Net foreign direct investment (FDI) in the Philippines hit US$1.1 billion in the first seven months of 1999, a 42 percent increase from the same period last year, the presidential palace said here Tuesday.

Presidential spokesman Fernando Barican said in a statement that foreign direct investment in the first seven months hit $569 million while portfolio investments amounted to $453 million.

Remittances from the millions of Filipinos working overseas increased by 48.4 percent to $4.5 billion in the first seven months, he added.

These factors, along with a a trade surplus of $2.45 billion in the period, had pushed the current account surplus to $2.5 billion with the balance of payments at $2.8 billion, Barican said.