MANILA, March 13 (Xinhua) -- Foreign direct investment (FDI) into the Philippines hit a record high of 10 billion U.S. dollars in 2017, an increase of 21.4 percent from a year earlier, local media reported on Tuesday.

The Philippine Daily Inquirer, a major Philippine English newspaper, quoted a statement released by the Central Bank (CB) of the Philippines as saying that investors continue to view the Philippines as a favorable investment destination on the back of the country's sound macroeconomic fundamentals and growth prospects.

The statement said all major FDI components registered increases during 2017.

By economic activity, the CB said equity capital placements were channeled mainly to gas, steam and air-conditioning supply; manufacturing; real estate; construction; and wholesale and retail trade activities.

Reinvestment of earnings increased by 9.3 percent to reach 776 million U.S. dollars during the year, the CB said.

In December 2017, the CB said FDI registered 699 million U.S. dollars net inflows.