MANILA, June 28 (Xinhua) -- The Philippines' foreign investments yielded net inflows of 43 million U.S. dollars in May, the Philippine central bank said Friday.
The Bangko Sentral ng Pilipinas (BSP) said the foreign investment transactions in May resulted from the 1.1 billion dollars in gross inflows and 1 billion dollars in gross outflows for the month, a reversal from the 312 million dollars in net outflows in April.
The central bank added that the month's registered investments are 15.2 percent higher than the 914 million dollars recorded in April.
According to the BSP, 65 percent of registered investments in May were invested in banks, holding firms, property, transportation services, and mining. The remaining 35 percent were peso government securities. The majority of investments for the month originated from Britain, the United States, Singapore, Luxembourg, and Norway, collectively contributing 86.1 percent.
Furthermore, the gross outflows for the month were 17.6 percent lower than the gross outflows recorded for April. The United States remains the top destination of outflows, receiving 575 million dollars, or 57 percent of total outward remittances.
Year-on-year, registered investments in May 2024 are 24.6 percent higher than the 845 million dollars recorded in May 2023, while gross outflows increased by 4.2 percent from a year earlier.
The BSP said the Jan. 1 to May 31 transactions for foreign investments registered with the BSP yielded net inflows of 108 million dollars, a turnaround from the 805 million dollars net outflows for the same period last year. ■
