Filipino companies and the rich don’t seem impressed by the 6.8 GDP growth rate in 2012, nor by the American rating agencies’ gushing reports that the Philippines has attained investment grade rank.
Our capitalists moved $1,845 million out of the country in 2012, the biggest outflow since 2008. It was more than the $1,816 million invested by foreigners in the country the previous year. This is according to the data in the United Nations Conference on Trade and Investments’ World Investment Report 2013 (pages 213 and 217.
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