FOREIGN BANKS BOOST FDI GROWTH IN JAN.

From: The Manila Times | Date: April 11, 2007| Author: | Copyright information

The Philippines recorded significant growth in foreign direct investments (FDI) inflow year on year in January 2007 with foreign banks rolling over their earnings into the local branches, Bangko Sentral ng Pilipinas said Tuesday.

BSP Governor Amando M. Tetangco Jr. said FDIs grew 50.63 percent to $357 million in January this year from $237 million the same period in the previous year.

Tetangco attributed the growth in FDIs for the month to the net inflows from the reinvested earnings account, which amounted to $220 million this year from $2 million last year.

"Foreign banks opted to retain ...

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