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.