Philippines seeks $10b foreign investment

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Philippine President Benigno Aquino III can bank on a strong peso that is supporting domestic consumption and GDP growth.

The Philippine government said it is aiming to boost foreign direct investment to $10 billion annually, with a focus on the Business Process Outsourcing and manufacturing sectors as well as on shipbuilding and maintenance, according to a Bloomberg interview with the country’s Trade Secretary Gregory Domingo of today.

Interest from overseas investors has been growing lately, Domingo said, not at least based on the continued good news flow on the country’s economy. The Philippines’ GDP grew 6.4 per cent in the first quarter based on improved domestic consumption and on a strong peso against the dollar, and – as reported by Investvine – after the Philippine Stock Exchange Index surged to a record this month. In addition, international rating agencies have upgraded their outlook for the $225 billion economy.

However, the FDI target remains high. Last year, the Philippines attracted $6 billion in investment inflows. Only recently, car major Ford Motor company has announced to shut down its Philippines manufacturing operations and to move its assembling factories to Thailand due to issues with the supply chain in the country.

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Reading Time: 1 minute

Philippine President Benigno Aquino III can bank on a strong peso that is supporting domestic consumption and GDP growth.

The Philippine government said it is aiming to boost foreign direct investment to $10 billion annually, with a focus on the Business Process Outsourcing and manufacturing sectors as well as on shipbuilding and maintenance, according to a Bloomberg interview with the country’s Trade Secretary Gregory Domingo of today.

Reading Time: 1 minute

Philippine President Benigno Aquino III can bank on a strong peso that is supporting domestic consumption and GDP growth.

The Philippine government said it is aiming to boost foreign direct investment to $10 billion annually, with a focus on the Business Process Outsourcing and manufacturing sectors as well as on shipbuilding and maintenance, according to a Bloomberg interview with the country’s Trade Secretary Gregory Domingo of today.

Interest from overseas investors has been growing lately, Domingo said, not at least based on the continued good news flow on the country’s economy. The Philippines’ GDP grew 6.4 per cent in the first quarter based on improved domestic consumption and on a strong peso against the dollar, and – as reported by Investvine – after the Philippine Stock Exchange Index surged to a record this month. In addition, international rating agencies have upgraded their outlook for the $225 billion economy.

However, the FDI target remains high. Last year, the Philippines attracted $6 billion in investment inflows. Only recently, car major Ford Motor company has announced to shut down its Philippines manufacturing operations and to move its assembling factories to Thailand due to issues with the supply chain in the country.

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