BSP: PH Economy is up 11% on FDI
According to Banko Sentral ng Pilipinas (BSP), in the past two months, the Philippine economy gained 11 percent in foreign direct investments (FDI). The BSP reported FDI inflows amounting to $1.05 billion. This is notably higher by $104 million than last year’s performance.
The Philippines is definitely still a great place to invest. BSP Governor Armando Tetangco, Jr. stated that this is due to the fact that the country’s investment ratings play a huge part in the country’s appeal to foreign investors. The country has currently retained its “Baa2” rating from S&P and Moody’s.
“The investment grade status of the Philippines is expected to improve further the FDI flows into the country due to the resulting lower borrowing costs and the seal of good macro-economic housekeeping,” said Tetangco.
Due to this good performance, the BSP has increased its FDI inflow target by $1 billion for next year, higher than the original target of $7 billion. Should the country remain to address these investment challenges and obstacles, more FDI will surely be in the Philippines’ immediate future.