MANILA, Philippines - The net inflow of foreign direct investment (FDI) into the country reached $481 million in the first 4 months of 2010, down 49.2% from $947 million in the same period last year, the central bank reported on Monday.

In April alone, net FDI inflow was $85 million, 86% lower than last year's $613 million.

“While FDI posted lower year-on-year net inflows owing to challenges posed by the uneven pace of economic recovery across the globe, the country continued to be a recipient of foreign funds given its favorable macroeconomic fundamentals,” said Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. in a statement.

The BSP noted that inflows in January to April were comprised mainly of inter-company loans availed of by local affiliates of multinational companies from their parent companies abroad.

Equity capital registered a net inflow of $102 million in January to April, 91% lower than a year ago, as investors preferred to stay cautious because of the euro zone debt problems.

The top investors in the first four months came from the United States, Switzerland, Japan, the Netherlands, Singapore and Hong Kong.

Net FDI, portfolio inflows, and remittances from Filipinos working overseas help keep the country's balance of payments (BOP) in surplus.

The central bank expects the 2010 BOP surplus to hit $3.7 billion, higher than an initial estimate of $3.2 billion. The BOP was in surplus of nearly $5.3 billion in 2009, the biggest in 2 years. With a report from Reuters