BSP shares the must-haves to attract more FDIs to the Philippines
More infrastructure and eased rules on foreign ownership would allow more investors to enter the country.
The Bangko Sentral ng Pilipinas (BSP) has bared the essentials that would allow the Philippines to become a more attractive destination for foreign direct investments (FDIs).
“There is a huge potential in attracting further FDIs, which can put the country at par with the large levels of FDI seen in neighboring Asian countries. Such potential can be realized by reforming the rules on foreign ownership, addressing infrastructure gaps, and reducing the cost of doing business,” the central bank said in a statement.
The BSP said they expect $8 billion in foreign investments to come to the country in 2017, similar to the level hit last year. This time, investments are seen to go into manufacturing, particularly for electronics and motor parts.
The ball is now on the government’s court to make or break these reforms.