MANILA, May 10 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines grew year-on-year by 29.3 percent in February to reach 1.4 billion U.S. dollars, the country's central bank said Friday.

The Bangko Sentral ng Pilipinas (BSP) attributed the surge in FDI inflows in February to the 927.3 percent expansion in nonresidents' net investments in equity capital, excluding reinvestment of earnings, which soared to 764 million dollars from 74 million dollars in February 2023.

However, nonresidents' net investments in debt instruments decreased by 41.5 percent, dropping to 533 million dollars from 912 million dollars in February 2023, the BSP said.

"Bulk of the equity capital placements during the month came from the Netherlands with investments directed mostly to the financial and insurance industry," added the BSP.

According to the central bank, the growth in FDI "reflects sustained investor confidence in the country's macroeconomic fundamentals and resilience amid persistent inflationary pressures and global economic uncertainties." Enditem

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