Foreign infusions drop 41% until Nov. last year

02/12/2009

Foreign direct investment (FDI) plunged 41 percent to $1.65 billion in the 11 months to November last year amid the global economic crisis, the Bangko Sentral ng Pilipinas (BSP) said yesterday.

The downturn was blamed on weak investor confidence amid the slowdown in the world economy, the bank said in a statement.

November FDI rose 68 percent to $232 million compared to the same period in 2007, the bank added.

The BSP attributed much of the rise in November to an infusion of equity capital coming from Hong Kong that was invested in a local mining company. It did not identify the Hong Kong investors or the mining company.

Investments came mainly from the United States, Japan, Singapore, South Korea, Germany, Malaysia, Taiwan and Hong Kong.

Most of the FDI went to shipbuilding and repair, auto electronics, tobacco products, services, mining and construction, the BSP said without giving any breakdown. AFP

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