A corner of the Philippines (Source: Internet)
 
Hanoi (VNA) - Foreign direct investment (FDI) flows into the Philippines in the first quarter of this year rose to 2.2 billion USD, an increase of 43.5 percent from the same period last year.

The investments mainly came to the manufacturing, real estate, arts, entertainment and culture, and finance and insurance activities, according to the Philippine central bank, Bangko Sentral ng Pilipinas (BSP).

In March 2018 alone, FDI net inflows reached 682 million USD, an increase of 27 percent from 537 million USD recorded in the same period in 2017, said Finance Assistant Secretary Paola Alvarez.

FDI inflows reached a record high of 10 billion USD in 2017, up 21.5 percent from the previous year.

According to the official, the investments have helped generate jobs and boost growth.

Meanwhile, Finance Secretary Carlos Dominguez said that the increasing FDI supports the government’s efforts in shifting the economy from consumption-led to investment-led growth.

Besides, the government is revisiting its Foreign Investments Negative List (FINL) to open more areas for joint ventures and direct investments, reviewing its procedures to reduce red tape and shorten approval time for business start-ups, and exploring possibilities for expanded e-governance using digital technologies,  Dominguez said.-VNA