Lopez confident investors will flock to Phl

Foreign companies, which have yet to invest in the Philippines which was recently ranked as the best country to invest in by an American media company, are missing a lot, according Trade Secretary Ramon Lopez as he expressed confidence that foreign investors would soon flock to the country.

“Foreign investments is really more of a timing issue,” Lopez said, adding that “But we can see the momentum. Of course they will come back or they will be left behind.”

Lopez said there is no negative indicators that could discourage multinationals from investing in the country.

“As you can see, everything is growing, including the GDP. There is also the infrastructure build up,” he said.

“Another thing we are addressing is equity restriction which is still hanging there, but they know the policy is to liberalize. It’s just a matter of time, but the direction is on liberalizing public utilities, retail trade, among others,” Lopez said.

Combined investment pledges approved by both the Board of Investments and the Philippine Economic Zone Authority from US investors last year plunged nearly 70 percent to P8.357 billion from P27.51 billion in 2016.

Approved pledges from Korea also plummeted 93 percent to P873.15 million in 2017 from P11.82 billion in 2016.

Meanwhile, Japanese investment pledges in PEZA and BOI soared nearly 24 percent to P31.48 billion last year from P25.43 billion in 2016, while approved projects from China grew 15 percent to P1.61 billion from P1.40 billion in 2016.

“We’re always looking for ways how to increase it (foreign investments) definitely. If you ask us, there’s exerted effort on investment promotion,” Lopez said.

Lopez said investment roadshows are scheduled this year in Japan, Germany, other countries in Europe, and possibly in the US.

In a report titled “2018 Best Countries to Invest In” released last month, US News and World Report hailed the Philippines as the top investment destination, citing the country’s $304.9-billion gross domestic product, 103.3 million population, and $7,739 GDP per capita.

“In years to come, the country is expected to receive more FDI from within the region from powerhouses like China that are looking to utilize available labor in developing nations,” the report said.