BusinessWorld reported that according to The Department of Trade and Industry of Philippines, the country has been able to draw more investors from China, which is currently in a trade war with the United States.
“More of Chinese investors. Before, only $50 million a year. Very small. Now almost $1 billion,” said Trade Secretary Ramon M. Lopez in regards to the efforts to lure investors from China.
In addition, the Foundation for Economic Freedom (FEF) said in a recent press release that the country could become an alternative destination for the factories seeking to avoid the trade war. He also added that Philippines has a highly-skilled and English-speaking workforce, which could facilitate investment from abroad.
However, FEF said that the country has yet to compete with other countries such as Vietnam with lots of incentives to boost foreign investment.
“The quality, cost and efficiency of transportation and telecommunications are inputs to the decision of companies whether to relocate here,” FEF noted.
“More foreign investment in the strategic sectors of transportation and telecommunications are needed to bring more competition, improve services, and lower prices.”
The group also urged the government to implement its “Build-Build-Build” infrastructure development program to bring down logistics costs. “We recommend that the government shift to public-private partnership (PPP) where feasible but undertake projects under official development assistance or General Appropriations Act whenever there is no incentive for private participation.“
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