Economist optimistic about FDI growth this year
MANILA, PHILIPPINES — Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael Ricafort believes that the continued recovery of the domestic economy will push foreign direct investments (FDIs) to rebound this year.
“(The) Philippine economy (is) still expected to have one of the faster growth rates in the region,” Ricafort said, citing the demographics, the reopening of China, and the investment commitments during the foreign trips of members of Marcos administration.
The economist stated that the improved diplomatic relations with developed countries and sources of foreign investments would also “bode well” for the country this 2023.
“Furthermore, the passage of reform measures in recent months, especially the CREATE (Corporate Recovery and Tax Incentives for Enterprises) law that reduces the corporate income tax by at least five percentage points (from 30%) retroactive July 2020 and providing greater certainty on investments would also continue to help attract more FDIs to be more decisive and locate in the country,” he added.
Ricafort’s statement follows the release of Bangko Sentral ng Pilipinas’ (BSP) report that indicates a 23.2% decline in net FDIs in 2022. Foreign investment net inflows also dropped to 76.2% last year.
Related news
- Qualtrics, Five9 to optimize contact center experience · 13 Mar
- KPO market to surpass $51.7Bn by 2028 · 13 Mar
- TeamViewer names new President for American operations · 13 Mar
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
