MANILA – Foreign direct investments in the Philippines plunged 46.6 percent from a year earlier to $1.418 billion in the 10 months to October, 2008 due to the global financial crisis, the Bangko Sentral ng Pilipinas said yesterday.

For October alone, net FDI inflows fell 76 percent to $31 million, a 76 percent reduction from the same period in 2007, a central bank statement said.

"Investment decisions were stalled by foreign investors’ concerns over the developments in financial markets, particularly in the weeks following the unfolding of the global financial crisis in late September," the central bank added.

Investments came mainly from the United States, Japan, Singapore, South Korea, Germany, Malaysia, Taiwan and Hong Kong and went into such areas as shipbuilding and repair, auto electronics and tobacco products, the central bank said without giving any breakdown.*AFP

back to top