In the January to May period, foreign direct investments went down to $2.2 billion from a year ago from $3.27 billion in the same period last year.

The decline was driven by lower foreign net investments in debt instruments and reinvestment of earnings, which more than offset the increase in net equity capital investments (other than reinvestment of earnings).

This reflected lower intercompany borrowings from foreign direct investors and reduced earnings retained for reinvestment during the period.

For the first five months of 2026, equity capital placements were sourced primarily from Japan, the United States, and Singapore. These were channeled largely into the manufacturing, financial and insurance, and real estate industries. Bangko Sentral ng Pilipinas