Some more Bad News on the Economic Front, first is that the Net Foreign Direct Investments (FDI) to the Philippines for the Month of September 2024 went down to Usd 368 million, down over 36% compared to the same Month last Year of September 2023 which was at Usd 577 million.
This is is also the single Month lowest FDI since April 2020 which was at Usd 314 million. And remember that at that time in 2020, the Philippines was at the height of the Corona Virus Disease 2019 (Covid-19) Pandemic which was the Reason why it went down so low.
Meanwhile, the Trade Deficit of the Philippines (meaning the amount of Imports minus the amount of Exports) continue to grow for the Month of October 2024 to Usd 5.8 billion, which is much higher compared to the same Month in October 2023 which was only at Usd 4.2 billion.
This was higher than the Usd 5.1 billion a Month earlier in September 2024. Imports rose Usd 11.96 billion which is 11.2% higher than the Usd 10.76 billion in October 2023. Exports on the other Hand went down to only Usd 6.16 billion compared to the Usd 6.52 billion in October 2023.
SOURCES:
Net FDI hits over 4-year low of $368M in Sept, BSP Reports {Archived Link}
Trade Deficit expands as Exports keep falling {Archived Link}
