The Philippines experienced a 34% decline in net foreign direct investments (FDI) in May, dropping from $739 million in May 2022 to $488 million. This decrease can be attributed to the significant contraction in inflows into debt instruments, which fell by 70.7% to $161 million from $551 million in the same month last year, according to the Bangko Sentral ng Pilipinas.
The central bank further explained that the subdued FDI can be attributed to the impact of higher global price and interest rate levels. From January to May, net inflows also declined by 21% to $3.4 billion from $4.3 billion in the same period last year.
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