MANILA, March 10: Foreign direct investments (FDI) in the Philippines rose to 2.35 billion dollars in 2006, a 27 per cent increase over $1.85 billion posted in 2005, the central bank announced on Saturday.

This was also an improvement over the two billion dollars in foreign direct investments that the government was targeting for last year, the central bank said in a statement.

The FDI inflows were sustained as the country continued to post significant macroeconomic gains in 2006, including a strong external payments position, better than expected fiscal position, and declining inflation, the statement said.

The bank credited part of the upturn to equity investments channeled into such manufacturing industries as chemicals, healthcare, steel products, electronics and air-conditioning systems, and services such as business process outsourcing, shipping crew training and medical research.—AFP