Philippines records FDI growth of 41.5 percent in January

People with face masks on to avoid COVID-19 infection in Manila, the Philippines, on March 20, 2021 (Photo: Xinhua/VNA)

Hanoi (VNA) – Foreign direct investment (FDI) poured into the Philippines in January grew 41.5 percent year on year to 961 million USD, according to the country’s central bank Bangko Sentral ng Pilipinas (BSP).

BSP said the FDI increase reflects investors' optimism at the start of the year driven by the gradual reopening of the economy under the “new normal” condition, the easing of lockdown measures, and positive news about the rollout of COVID-19 vaccines.

Due to the COVID-19 pandemic’s impact, the Philippine economy contracted 9.5 percent in 2020.

In its recently released World Economic Outlook, the International Monetary Fund (IMF) forecast this archipelago nation will grow by 6.9 percent this year and 6.5 percent in 2022./.

VNA