Preliminary data from the Bangko Sentral ng Pilipinas (BSP) on Monday showed lower two-month low foreign direct investments (FDI) net inflows in February.

Inflows slid year-on-year by 2.2 percent to $608 million from $621 million. The figure is the lowest since last December’s $509 million.

“This slight decline emanated mainly from the 88.3 percent drop in non-residents’ net investments in equity capital to $20 million in February 2021 (from $175 million in the same month a year ago) as equity capital placements decreased by 62.1 percent to $89 million in February 2021 (from $236 million), and withdrawals rose by 13.6 percent to $69 million (from $61 million),” the  central bank said in a statement.

The February investments came largely from Japan, the United States, the Netherlands, Malaysia, and Singapore, and channeled to manufacturing; real estate; wholesale and retail trade; financial and insurance; and electricity, gas, steam, and air-conditioning supply industries.

The plunge in total FDI net inflows was partially offset by the year-on-year 36.1-percent pick up in net investments in debt instruments to $515 million from $378 million.

Reinvestment of earnings rose year-on-year by 6.1 percent to $72 million from $68 million.

The smaller February amount, nevertheless, supported the two-month tally by 20.6 percent year-on-year to $1.56 billion from $1.30 billion.

“This was due mainly to the 67.7 percent expansion in non-residents’ net investments in debt instruments to $1.1 billion from $626 million,” the BSP said.