The World Bank has finally tagged the Philippines as “fastest-growing economy in the ASEAN” up until 2020 and is no longer the ‘sick man of Asia’.
This significant attainment is brought about by the Country’s economic growth trail of a record-breaking $ 10-Billion worth of Net Foreign Direct Investments (FDI) in 2017. According to Central Bank of the Philippines(BSP), all major FDI Components registered have increased including Equity Capital, Reinvestment of Earnings, Associate’s Borrowings with a forecasted 3-year growth trend of up to 8%.
Pronouncement from BSP stated: “Investors continue to view the country as a favorable investment destination on the back of the country’s sound macroeconomic fundamentals and growth prospects”.
For December 2017, however, net FDI declined to $699 Million at about 9% from the previous $768 Million attributing to a 19.1% downfall in Debt Instruments equivalent to $ 335 Million.
Also, the Net Placements of Equity lowered by 0.04% to $ 305 Million leading to Gross Equity Capital Investments of $328 Million.
Foreign investors that contribute to these capital flow came from Singapore, Japan, the Netherlands, the US, and Luxembourg reinforcing the Domestic Production sector such as Manufacturing, Wholesale/Retail Merchandising, Information Technology and Recreational investments.
BSP Governor Nestor A. Espenilla Jr. lauds the Country’s economic
standing amidst global challenges.
“The robustness of the country’s external position is anchored by our large GIR (Gross International Reserves) and secondary buffers such as sustained FDIs, remittances and BPO receipts, along with investment grade-rating that guarantees ready market access for any equity and debt financing requirement,” he said.
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