Malacañang on Tuesday welcomed a recent US News and World Report identifying and ranking the Philippines as the best country to invest in for 2018.
Citing data from the Department of Finance, Presidential Spokesperson Harry Roque said the recent development can be attributed to the country’s “young and hardworking” workforce, an “excellent” inclusive growth momentum, an expanding middle class, fiscal discipline, stable monetary policy, an achievable infrastructure program, improved revenue collection, and a strong anti-corruption drive.
He also said the country’s membership in the Association of Southeast Asian Nations, coupled with a politically stable environment under a strong and popular leadership, contributed to investors’ confidence.
“We assure our investors here and abroad, that the government will continue to implement sound economic policies to improve the country’s ease of doing business performance and further sustain the growth momentum of the Philippine economy,” Roque said.
Roque likewise cited the political stability of the government and a strong and popular leadership which has exhibited political will to uplift the life of Filipinos.
He said that President Rodrigo Duterte has assured foreign investors of ease in doing business in the country and said that they will get permit to invest without any hassle.
“In fact, in pursuance to this, we have recently enacted the Anti-Red Tape Law, giving fixed periods for local governments to act on pending applications lodged with them,” Roque added.
Meanwhilke, Senator Win Gatchalian said that following the glowing report, the country’s dubious distinction as the “sick man of Asia” will soon be a thing of the past.
“Over the past few decades, the Philippines came to be known as the ‘sick man of Asia’ due to its disappointing economic performance in comparison to its Asian neighbors,” said Gatchalian.
Fortunately, he said international recognition of the country’s vibrant economic outlook through rankings such as these indicates that the sick man of Asia is nearing full recovery.
The senator was referring to the Best Countries 2018 report, a comprehensive ranking released by U.S. News & World Report in cooperation with Y&R’s BAV Group and the prestigious Wharton School of the University of Pennsylvania. Under the Best Country to Invest In category, the Philippines earned the top score among 80 countries.
According to the U.S. News website, the ranking was generated from the input of more than 6,000 “business decision makers,” who scored their perceptions of each country regarding eight attributes: “corrupt, dynamic, economically stable, entrepreneurial, favorable tax environment, innovative, skilled labor force and technological expertise.”
Gatchalian, who serves as chairman of the Senate Committee on Economic Affairs, expressed optimism that the economic policies of the Duterte administration would “keep our economy moving in the right direction” – especially the government’s P 9-trillion “Build, Build, Build” infrastructure program, which the senator highlighted as a “crucial driving force” in strengthening the country’s investment climate.
The senator also mentioned that the committee has already begun deliberations on measures to further boost foreign direct investment in the country. One such bill is Senate Bill No. 1639 he authored, which seeks to remove barriers to entry for foreign firms hoping to invest in the domestic retail trade sector.
“We have to make the most out of this opportunity to really kick foreign direct investment into overdrive by implementing the proper legal reforms,” he said.