FOREIGN direct investment (FDI) net inflows in May hit a seven-month high of $1.645 billion, an increase of 142.9 percent or more than double the level posted a year earlier, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

About 80 percent of the net inflows were in the form of intercompany borrowings, or non-residents’ investments in debt instruments issued by local affiliates, central bank data showed.