Philippines records FDI growth of 41.5 percent in January
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).
People with face masks on to avoid COVID-19 infection in Manila, the Philippines, on March 20, 2021 (Photo: Xinhua/VNA)
Hanoi (VNA) – Foreigndirect investment (FDI) poured into the Philippines in January grew 41.5percent year on year to 961 million USD, according to the country’s centralbank Bangko Sentral ng Pilipinas (BSP).
BSP said the FDI increase reflectsinvestors' optimism at the start of the year driven by the gradual reopening ofthe 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 economycontracted 9.5 percent in 2020.
In its recently released World Economic Outlook, theInternational Monetary Fund (IMF) forecast this archipelago nation will grow by6.9 percent this year and 6.5 percent in 2022./.
The Philippines saw a year-on-year inflation rate of 3.5 percent in December 2020, up from 3.3 percent in the previous month, driven by price hikes in food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) said.
The Philippines lost around 400 billion pesos (8.3 billion USD) in tourism revenue in 2020 due to the COVID-19 pandemic, according to a tourism official.
The Philippines’ exports of garments and hard goods could reach 2 billion USD in 2021 as local garment factories expect to receive up to 500 million USD worth of new orders from global fashion brands.
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People with face masks on to avoid COVID-19 infection in Manila, the Philippines, on March 20, 2021 (Photo: Xinhua/VNA) 
