Business

PH still a good investment destination despite Covid-19

The Philippines remains an attractive destination for foreign investors despite the impact of Covid-19 on the country’s economy.

The Department of Finance cited the 35% growth in investment inflows as of July, which is the highest level recorded so far this year.

“Although strict quarantine measures implemented in the final weeks of the first quarter may have put FDI inflows temporarily on hold, the quick recovery of FDI in the subsequent months suggests that the Philippines’ long-term prospects remain positive in the eyes of investors,” the DOF said.

However, full-year FDIs still settled 11% lower than last year.

“Sustaining investment-incentivizing activities such as making doing business easier and continuing to invest in infrastructure will be key to attracting more investment into the country,” the DOF said.

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