BUSINESS confidence in the country remains high even if the new Foreign Direct Investment (FDI) capital in the country fell by 90.3 percent, Presidential Adviser on Entrepreneurship Jose Maria “Joey” Concepcion 3rd said on Tuesday.
Concepcion was referring to the net equity capital investments, which went down to $141 million as of June 2017 from $1.45 billion in 2016.
The FDI net inflows also fell to $3.6 billion from $4.1 billion in 2016.
“When the confidence towards the President goes up and down, [then]that is the way it is, even in the private sector. So we have to look at the opportunities. Right now, the barometer of confidence to me in the business side is pretty high. And that can continue to be maintained if they see that the country is moving forward,” Concepcion said.
In a Social Weather Stations (SWS) survey released two days ago, President Rodrigo Duterte’s satisfaction rating dropped to 48 percent this October, 18 points down from his 66 percent rating in June.
The President’s 48 percent satisfaction rating was his lowest since he assumed the presidency in June 2016.
“If it is constantly going down for the last two or three years, then maybe you have a problem. But if it was just a blip just like this year, I would not be concerned. We don’t look at the country on a year to year basis, we look at it [at the]long term,” Concepcion said.