Foreign direct investments (FDIs) in the country registered a four-month high in November, with inflows recorded at $897 million–an increase of 39.7% from $642 million in October.
Economists see the recent report of the Bangko Sentral ng Pilipinas (BSP) as a firm indicator that the economy will rebound this year due to a more stable business environment in the country despite unpredictability in the global market.
Despite the year-on-year decline on FDIs, market strategist and forecaster Jonathan Ravelas noted that “the November bump signals that when investors see clearer direction and more stability, they begin to re-engage.”
On the other hand, British Chamber of Commerce Philippines (BCCP) Executive Vice Chairman Chris Nelson cited the several reforms presented during the Big Bold Reforms event in October as defining moments, including the digitalization initiatives of the Bureau of Internal Revenue and the Bureau of Customs such as the digitized audit system and single-window trade facilitation platform.
Nelson said the government initiatives on digitalization will signal that the Philippines remains “investment-ready” while streamlining the ease of doing business, adding that such initiatives must be backed by passing key legislation identified by the President as priority measures such as the Cybersecurity Act, Digital Payments Act and the Blue Economy Act. (PR)
