Moreover, foreign direct investments grew 54.2 percent to all-time high last year. In the first two months of the year, FDIs grew by 8.0 percent to USD1.7 billion. Manufacturing activity has also rebounded, with the purchasing managers’ index hitting 54.3 in April, the highest in over four years. Both business sentiment and consumer outlook have improved.
Our business expectation survey show broad improvements in outlook for the coming months. All these came on the back of a whole-of-government approach to recovery. In tandem with the national government’s efforts, the Bangko Sentral ng Pilipinas rolled out its own list of COVID-response measures.