NEDA: gov’t working to ease foreign investment restrictions
It’s great news for potential investors who want to grow their business in the Philippines.
According to the National Economic and Development Authority (NEDA), they have assured British businesses specifically that the government is currently working to ease foreign investment restrictions. This was addressed during a recent Philippine economic briefing in London which was attended by economic managers.
“Compared with our neighbors, the Philippines seems to be the most restrictive in terms of foreign direct investments. We have many negative-listed investment areas and activities, meaning that there is a high restrictive wall on the participation of foreign investors,” said Socioeconomic Planning Secretary Ernesto Pernia. He added, “We hope to boost foreign investments in the country by means of lifting or easing such restrictions.”
This is the right economic move considering that the economy has been growing at a 6.4 percent average since 2010. Other than highlighting the country’s macroeconomic standing, Pernia also noted that the Philippines is a potential investment destination.
With regards to other plans for the country, Pernia said, “We are determined to close the infrastructure gap, create more jobs, and reduce inequality across regions and households.”