MANILA — The Philippines was ranked as the top destination for investments, according to US News and World Report.
In its study, US News ranked the best countries to invest in by using the World Bank Group report measuring the country’s performance on entrepreneurship, economic stability, favorable tax environment, innovation, skilled labor, technological expertise, dynamism, and corruption.
The report cited qualities of the Philippines making it attractive to investors, which include its 100-million population, English-speaking people, an economy supported by overseas Filipinos’ remittances, and flourishing tourism industry.
Aside from the Philippines, four other member states of the Association of the Southeast Asian Nations (ASEAN) were in the top 10 countries to invest in based on US News’ study.
These include Indonesia at rank two, Malaysia at rank four, Singapore at rank five, and Thailand at rank eight.
Completing the top 10 countries for investors to invest in based on the report, Poland was ranked third; Australia, ranked 6th; Spain, 7th; India, 9th; and Oman, 10th.
Czech Republic, Finland, Uruguay, Turkey, Ireland, Netherlands, United Kingdom, Brazil, France, and Chile made up ranks 11 to 20, respectively.
Philippine Economic Zone Authority Director General Charito Plaza welcomed the report noting that the developments in the economy make the country attractive to investors.
The Board of Investment, the country’s leading investment promotion agency, likewise reported that its investment approvals surged by 402 percent in the first two months of the year to PHP132 billion from PHP26 billion in the previous year. (PNA)
