Philippines to attract more than USD10bn in FDI this year
The Joint Foreign Chambers of the Philippines (JFC) predicts more than US$10 billion worth of foreign direct investment (FDI) this year, with the business process outsourcing (BPO) and tourism sectors leading the way. According to the JFC, foreign firms continue to be attracted to the Philippines’ as an investment hub. In a statement, the JFC said the country’s rising economy, per capita income, and growing middle class, will further entice foreign investments. The group added that the Philippines should capitalize on the rising costs in China and its trade friction with the US, to attract foreign investors to locate in its export zones. The JFC also called on the Philippines’ congress to revisit the terms of the ‘Comprehensive Tax Reform For Acceleration Law 2’ (TRAIN 2) to ensure that it does not discourage export-oriented investors, and to pass reforms that will further encourage foreign investments.
