Metro Manila (CNN Philippines, May 10) — Central bank data shows foreign direct investment (FDI) grew by almost half in February 2018.

In a statement, the Bangko Sentral ng Pilipinas (BSP) reported that FDI in February was at $573 million (around P29 billion), 46.4 percent higher than in the same month last year.

This growth was driven by debt instruments, which amounted to $412 million (approximately P21 billion) that month. This was a 56.3 percent growth from the same month last year. The BSP defines debt instruments as "inter-company borrowings between foreign direct investors and their subsidiaries/affiliates in the Philippines."

Net equity capital, or share capital, made up $96 million (P4 billion) of February's FDI, and likewise posted a 55.4 percent increase from last year's figures.

China, Hong Kong, Japan, the Netherlands, and the United States were the main sources of equity capital that month, invested mostly in arts, entertainment, and recreation; real estate; manufacturing; construction; and electricity, gas, steam and air-conditioning supply activities.

Approximately $65 million (P3.37 billion) of equity capital that month were re-investments of previous earnings.

"The sustained investment inflows reflect investor confidence in the country's sound macroeconomic fundamentals and growth prospects," said the BSP.