DRILON...

I do not agree with that answer because these restrictions were already there when there was an increase.”

Drilon said the Neda has a lot to explain about this huge drop in new foreign investments, saying this is “reflective of confidence of foreign business on our country.”

“If we are to attract new foreign investment, then it is about time that we take a serious look at how things are going on in our country, because new investment would not come in unless we are able to raise the investors’ confidence level on our country,” Drilon said.

Citing a study conducted by The 2018 Asean Business Outlook Survey published by the American Chamber of Commerce in Singapore and the United States Chamber of Commerce, Drilon said among the companies surveyed, only 22 percent chose the Philippines as a possible expansion location, with Vietnam topping the list (34 percent).

The Philippines ranked sixth lagging behind Vietnam, Myanmar (29 percent), Indonesia (29 percent) Thailand (26 percent), and Cambodia (23 percent).

Drilon pointed to the current political climate in the country as among the possible “stumbling blocks” that discourage foreign investors.

The senator cautioned the government against the continued depreciation of the Philippine peso, while the other regional currencies have already started to appreciate against the US dollar.

During the budget debates, Drilon pointed out that the Philippine peso depreciated by an average of 6.5 percent from January to August of this year.

Drilon cited a forecast made by some analysts saying the Philippine peso could weaken to P52.50 to $US1 by the end of 2017 and P53.54 by 2018.

“These are facts that are developing that we do hope can be addressed by the economic planners in the best way we can in order not to harm our economy,” Drilon said. SunStar Philippines