The Philippine central bank said in a statement on Tuesday that FDI inflows to the country in March were up 30.6%, year over year, from US$390 million to US$509 million. The number was up from US$366 million in February.

“The sustained FDI inflows reflect investors’ confidence in the country’s economy on account of continued growth prospects and strong macroeconomic fundamentals,” the BSP was quoted by The Inquirer as saying in a statement.

The statement went on to say that “investments in debt instruments (or lending by parent companies abroad to their local affiliates to fund existing operations and business expansion) contributed largely to FDI net inflows during the period, registering an increase of 75.1 percent to $445 million from $254 million last year.”

“Net equity capital investments amounted to $7 million as gross equity capital placements of $49 million more than offset the $42-million withdrawals” in March, the BSP added.