Foreign direct investments in January to April registered net inflows of $3.2 billion, up 24.3 percent from the level in comparable period in 2017, the Bangko Sentral ng Pilipinas said.

In a statement, the BSP said investment inflows were boosted by continued favorable investor sentiment on the back of the country’s solid macroeconomic fundamentals and growth prospects.

Net equity capital investments grew by more than five times to $1.1 billion from $199 million last year as gross placements of $1.3 billion more than offset the withdrawals of $124 million.

Equity capital placements during the period came largely from Singapore, Hong Kong, China, Japan and the United States. These were infused primarily into manufacturing; financial and insurance; arts, entertainment and recreation; real estate; and electricity, gas, steam and air-conditioning supply activities.

For April 2018 alone, foreign direct investments yielded net inflows of $1 billion as positive balances were recorded for all investment components.

The bulk of net inflows for the fourth month of the year came in the form of debt instruments or lending by foreign companies abroad to their local affiliates to fund existing operations and business expansion, which amounted to $705 million.

Net investments in equity capital amounted to $247 million as gross equity capital placements increased more than three times to $262 million from $84 million, while withdrawals remained broadly low at $15 million.

Equity capital placements emanated largely from Singapore, Hong Kong, Netherlands, the United States and Japan. These were mainly invested in manufacturing; arts, entertainment and recreation; real estate; financial and insurance; and wholesale and retail trade activities.

BSP statistics on foreign direct investments cover actual inflows, which could be in the form of equity capital, reinvestment of earnings, and borrowings between affiliates.