US State Department says Philippines now more attractive for FDI

A report by the US State Department’s Bureau of Economic and Business Affairs said the business process outsourcing (BPO) and tourism industries in the Philippines have experienced tremendous growth in recent years, thanks to the country’s educated, English-speaking workforce. The US Department said the Philippines is becoming a more attractive destination for foreign direct investment (FDI), with foreign investments hitting USD5.72bn last year. The report, however, stressed that poor infrastructure, including high power costs and slow broadband connections, regulatory inconsistency and corruption are major constraints to investment.