Malacañang extended Tuesday its gratitude toward a global research firm for naming Philippines as ‘best country to invest in’ for the year 2018.
During a press briefing, Presidential spokesperson Harry Roque said that the Palace is thankful to the US News for recognizing the potential of the country for investments.
“We thank the US News & World Report for its survey, which indicates that the Philippines is the best country, the number one country, to invest in for 2018,” Roque said.
According to the report, despite the declining inflows of foreign direct investment or FDI that hit Southeast Asia, the economy of the country continued to perform well, as per reports from United Nations.
Philippines topped neighboring countries in Asia including Indonesia, Malaysia, Singapore, and Thailand as well as Australia, United Kingdom, and France.
Moreover, the country is also expected to receive more FDI from countries like China that seek to use available labor in developing countries.
US News also noted that remittances from overseas Filipino workers (OFWs) and the growing tourism industry helped in pushing the country to the first rank.
Roque noted that according to the Department of Finance, the result is attributed the to “young and hardworking workforce; an excellent, inclusive, growth momentum; an expanding middle-class fiscal discipline, stable monetary policy; membership in ASEAN; an achievable infrastructure program; improved revenue collection; a strong anti-corruption drive; politically stable government; and a strong and popular leadership who has exhibited political will to uplift the life of our countrymen”.
Roque also said that the country will continue implementing economic policies that aim to make business investments and establishment easier. Roque also said that the policies aim to maintain the growing economy of the country.
US News released the ranking based on a report from World Bank Group. Four factors were identified as major players in an individual or a corporation’s decision to invest in a country’s natural resources, markets, technologies, and brands. These four factors are identified as country’s people, environment, relationships, and framework.
The ranking was released after more than 6,000 decision-makers in the business industry were surveyed.
