Philippines is No. 1 among the best countries to invest in now


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MANILA, Philippines - In a report published on the website of Business Insider, the Philippines ranked first among the "The 20 best countries to invest in now." The report cited a ranking released by US News in February placing the Philippines on the No. 1 spot stating that, "In contrast to declining inflows of foreign direct investment (FDI) to the Southeast Asia as a whole, the Philippines continued to perform well, according to United Nations data."

Philippines is No. 1 among the best countries to invest in now
Makati City, the business capital of the Philippines | Photo Courtesy of  Raffles Makati

"We are gradually seeing the positive effect of the administration's sound economic policies. I laud the efforts of both the public and private sector, especially the President and his economic team. But more needs to be done in sustaining the inflow of investments in our country that will usher in more local jobs especially in the provinces," said Senator Loren Legarda, Chair of the Senate Committee on Finance.

According to the Department of Trade and Industry's Board of Investments (DTI-BOI), it approved Php131.6 billion worth of investment projects in the first two months of 2018 alone. This is up by 402.3% compared to the same period last year. Investment registration performance in January-February 2017 was at Php26 billion.

In 2017, the BOI posted an all-time high of Php617 billion in committed investments, comprising of 426 projects that are expected to generate around 76,065 jobs upon full operations. The 2017 figure is up by 39.5% from the Php442 billion recorded in 2016.

Moreover, consistent with the BOI's 2017-2019 Investment Priorities Plan (IPP) to encourage investors to locate in the countryside, 65% increase in investments was recorded in areas outside of the National Capital Region (NCR).

"All of these show the growing confidence of both local and foreign investors in our economy and could only result in growth also in the countryside and of our people. We see this to further improve especially with the government's infrastructure development agenda, the legislature's support through measures that will improve government processes and ensure ease of doing business in the country, and maintaining peace and order," Legarda said.

"As infrastructure constraints are being addressed by the government through the 'Build, Build, Build' program, which will be heavily supported by the recently-passed Tax Reform for Acceleration and Inclusion (TRAIN), Congress will continue to pass measures that will help improve government processes," she added.

— The Summit Express


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