FDI net inflows into Philippines drop 2.2% year-on-year in February as Covid-19 total hits 1,113,547

A person processes a swab test at a Covid-19 test site set up in Quezon City, Metro Manila, the Philippines, on Tuesday, May 11, 2021. The Philippines’ economy is struggling to gain momentum as elevated numbers of Covid cases hamper reopening efforts and destroy jobs. - Bloomberg

MANILA, May 11 (Xinhua): Foreign direct investment (FDI) net inflows into the Philippines has reached US$608 million in February, 2.2 per cent lower than the amount recorded in the same period last year, the Philippine central bank said on Tuesday.

This slight decline emanated mainly from the 88.3 per cent drop in non-residents' net investments in equity capital to US$20 million in February, the Bangko Sentral ng Pilipinas (BSP) said.