Net foreign direct investments (FDI) rose in January from a year ago, the Bangko Sentral ng Pilipinas (BSP) reported, on the back of positive sentiment on the Philippine economy’s prospects. Net FDI inflows rose by 5.3% to $1.027 billion from the $976 million recorded in January last year, the BSP said in a statement. Among the drivers of these placements, the BSP noted, was continued lending by parent companies abroad to local affiliates for operations and also expansion. Central bank data showed that the bulk of January FDI comprised non-residents’ placements in debt instruments issued by local affiliates, which went up by 7.3% to $687 million from last year’s $640 million. Net capital inflows, meanwhile, hit $278 million, 10.5% more than the $252 million posted in January 2013, as gross placements of equity capital of $361 million more than offset withdrawals of $83 million. The central bank expects net FDI inflows to reach some $2.6 billion this year.