MANILA -- Malacañang on Tuesday expressed gratitude to a global research firm for naming the Philippines as the top country in its ‘Best Countries to Invest In” 2018 report.
The US News & World Report named the Philippines as the “best country to invest in” based on scores from more than 6,000 business decision-makers.
“We thank the US News & World Report for its survey, which indicates that the Philippines is the best country, the number one country, to invest in for 2018,” Presidential Spokesperson Harry Roque said in a Palace briefing.
Completing the top 10 list are Indonesia, Poland, Malaysia, Singapore, Australia, Spain, Thailand, India and Oman.
The UN Conference on Trade and Development’s World Investment Report 2017 said the Philippines along with Bangladesh and Nepal is expected to get more FDI in years to come, citing plans by five Chinese firms to put USD10 billion investments in the Philippines.
US News has also noted that the Philippine economy is “flooded with billions of dollars” being remitted by its overseas Filipino workers (OFWs) and the country’s “flourishing” tourism industry.
Citing the Department of Finance, Roque pointed out that this feat is attributed to the “young and hardworking workforce; an excellent, inclusive, growth momentum; an expanding middle-class fiscal discipline, stable monetary policy; membership in ASEAN; an achievable infrastructure program; improved revenue collection; a strong anti-corruption drive; politically stable government; and a strong and popular leadership who has exhibited political will to uplift the life of our countrymen”.
Roque also attributed the Philippines’ good standing to the strong and popular leadership of President Rodrigo Duterte “who has exhibited political will to uplift the life of our countrymen.”
Roque also assured investors here and abroad that the government will continue to implement sound economic policies to improve the country’s ease of doing business performance and further sustain the growth momentum of the Philippine economy.
He noted that among efforts to improve ease of doing business is the enactment of the anti-red tape law, which gives fixed periods for local government to act on pending applications lodged with them.
According to the US News & World Report website, the 2018 Best Countries report and rankings are based on how global perceptions define countries in terms of a number of qualitative characteristics, impressions that have the potential to drive trade, travel and investment and directly affect national economies.
The report covers the perceptions of 80 nations. (PNA)
