MANILA — Senator Loren Legarda on Wednesday lauded the increase in foreign direct investments (FDIs) to the Philippines and urged the government to ensure that it would not only result in a more robust economy but also benefit poor Filipinos.
The Bangko Sentral ng Pilipinas (BSP) on Monday reported that FDI net inflows amounted to USD869 million in November 2017, higher by 16.9 percent than the level posted a year ago.
Meanwhile, FDI net inflows of USD8.7 billion from January to November last year exceeded the USD8 billion projection for 2017.
“This is a good indication of the growing confidence of foreign investors in the Philippines. We see this to further improve especially through the government’s ‘Build, Build, Build’ infrastructure development agenda and the tax reform law,” Legarda said.
However, the Senate Committee on Finance chair said that while the sustained FDI inflows reflect investor confidence in the Philippines, the government must also ensure the people’s confidence in the government to improve their lives and lift the poor out of poverty.
She said the remaining challenge then is to translate this positive growth into actual actions, projects, and programs that would truly impact the poorest of the poor.
“We must ensure that the benefits trickle down to the poor, especially since FDIs generate local jobs. We have to bring the information to the people so they know the opportunities available to them and help match the jobs available with the skills of our people,” the lawmaker said.
“We can only achieve real lasting growth if all Filipinos, including the marginalized and vulnerable, are part of our sustainable development agenda,” Legarda said. (PNA)
