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Manila Bulletin devider Philippines devider National devider Philippines' low FDI output despite surging economy should push senators to pass RBH 6--Villafuerte 

Philippines' low FDI output despite surging economy should push senators to pass RBH 6--Villafuerte 

Published Mar 17, 2024 03:27 pm

At A Glance

  • The Philippines' poor performance in the foreign direct investments (FDIs) front since 2023 should convince senators to pass their economic Charter change (Cha-cha) measure, Resolution of Both Houses (RBH) No.6, said Camarines Sur 2nd district Rep. LRay Villafuerte.

LRayFoto4.jpgCamarines Sur 2nd district Rep. LRay Villafuerte (Rep. Villafuerte's office)

The Philippines' poor performance in the foreign direct investments (FDIs) front since 2023 should convince senators to pass their economic Charter change (Cha-cha) measure, Resolution of Both Houses (RBH) No.6.

Thus, said Camarines Sur 2nd district Rep. LRay Villafuerte, who otherwise cited the country for its strong economic performance post-pandemic.

“For over a decade before the pandemic, the Philippines had struggled with anemic FDI inflows despite its investment-grade ratings and enviable status as one of Asia’s economic stars,” Villafuerte said in a statement Sunday, March 17.

“Fast forward to the post-Covid period and our country, despite emerging as the fastest-growing economy in the region, remains stuck with scanty inbound investments when compared to those streaming to our neighbors," said the majority leader of the powerful Commission on Appointments (CA).

“This to me is the most striking evidence that the outdated protectionist provisions of our Constitution make up the single biggest deal-breaker for foreign investors,” he said.

Villafuerte expressed hope that this happenstance would serve as the "tipping point to impel our senators to greenlight RBH No.6 after the Lenten break of the Congress, to let the Philippines keep up with, or even overtake, our neighbors in attracting a far-up level of investments".

He said that doing so would "turbocharge our economy, create a lot of jobs and ameliorate the living standards of our people".

In a report, the Department of Finance (DOF) said that Philippine growth of 5.5 percent in the first three quarters of 2023 was the fastest in the region, where China’s economy grew 5.2 percent; Indonesia’s, 5.1 percent; Vietnam’s, 4.23 percent; Malaysia’s, 3.9 percent; Thailand’s, 2 percent; and Singapore’s, 0.5 percent in that same period.

The Asian Development Bank (ADB), World Bank (WB), International Monetary Fund (IMF) and the ASEAN+3 Macroeconomic Research Office (AMRO) all recognized the Philippines as one of the fastest-growing among its regional peers in 2023.

The House of Representatives is poised to pass on third reading their counterpart measure to RBH No.6--RBH No.7--this week.

The last session day before the House and the Senate go on Holy Week recess is March 20.

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