NEWSFLASH

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LESS FOREIGNERS INVESTING IN RP

Manila, Oct. 20, 1997 - Investments from non-residents, or foreigners, accounted for only $711 million last June, drastically less than the year-ago figure of $1.796 billion. The figures were released in the latest balance of payments report of the Bangko Sentral ng Pilipinas.

Bangko Sentral director for research Diwa Gunigundo said the slowdown in foreign investments here may be due to the anticipation of a possible financial meltdown in countries in the region.

The drop in foreign investments in the Philippines, combined with the increased investments abroad of Filipinos and local residents, contributed to the decline in the country's capital and financial accounts for the period.

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