THE country’s net inflows of foreign direct investment (FDI) in March reached US$507 million, 18.5 percent lower than the $622 million net inflows registered in March last year.
The progression of the Covid-19 crisis into a full-scale pandemic and its adverse impact on the global economy dampened investor sentiment and investment activity during the month, the Bangko Sentral ng Pilipinas said.
The decline in total FDI net inflows was largely due to the 33.5 percent reduction in net investments in debt instruments to $278 million from $419 million in the same month last year.
For the first quarter of 2020, FDI net inflows contracted by 14.2 percent to $1.7 billion from the $1.9 billion net inflows in the comparable period last year. (PR)