By Mario Casayuran
The Senate foreign relations committee chaired by Sen. Loren Legarda lauded and welcomed on Wednesday the increase in foreign direct investments (FDIs) to the Philippines.
Legarda said government should thus ensure that this FDI increase would not only result in a more robust economy but also benefit poor Filipinos.
The lady lawmaker issued the statement following the report of Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. that FDI net inflows from January to November 2017 exceeded projections.
The BSP reported that FDI net inflows amounted to US$869 million in November 2017, 16.9 percent higher then the level posted a year ago.
FDI net inflows of US$8.7 billion during the period January–November 2017 exceeded the US$8 billion projection for 2017.
“This is a good indication of the growing confidence of foreign investors in the Philippines. We see this to further improve especially through the government’s ‘Build, Build, Build’ infrastructure development agenda and the tax reform law,” Legarda said.
“But again, the remaining challenge here is to translate this positive growth into actual actions, projects, and programs that will truly impact the poorest of our poor.,’’ she said.