Foreign direct investments (FDI) in the Philippines posted net inflows amounting to 588 million U.S. dollars in June, a turnaround from the 26 million U.S. dollars net outflows registered a year ago, the local central bank said Wednesday.

"This developed as increases were registered across FDI major components," the Philippine central bank said in a statement.

In particular, investments in debt instruments rose by more than four-fold to 459 million U.S. dollars in June, from 108 million U.S. dollars posted in the same period last year.

The local central bank said this is due to higher lending of parent companies abroad to their local affiliates to fund existing operations and business expansion plans in the country.

The bulk of FDIs in June came from the United States, Singapore, Japan, Germany, and China's Hong Kong. Foreign investments were channeled mainly to real estate, manufacturing, transportation and storage, mining and quarrying, and administrative and support service activities.

FDI inflows in the January to June period summed up to 3.57 billion U.S. dollars, 76.9 percent higher than the 2.01 billion U. S. dollars posted in the same period last year.

The Philippine central bank said this is indicative of strong investor confidence in the country's solid macroeconomic fundamentals. Endi

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