More effort needed to attract foreign direct investments

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The Philippines should continue to improve its business climate to attract more foreign direct investments (FDI), according to Philippine Chamber of Com-merce and Industry (PCCI) President Miguel Varela.

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According to him, foreign investors are eyeing entry into the integrated economies of the Association of Southeast Asian Nations (Asean), whose market is composed of 600 million consumers. He said that investors consider sustainability, stability and clarity of economic reforms as very important factors before deciding to invest.

“When three of the world’s top credit-rating agencies ranked us as investment-grade, they practically endorsed the good qualities of the Philippines as a location for profitable growth,” said Varela.

He said that sustaining the credit rating and the effective imple-mentation of reforms on policies will help the country retain its position on the initial list of eco-nomies in the Asean that investors are more inclined to invest into.

“If we drop out of the initial list, we are out of the race,” he said.

On the part of investors, Varela said that before deciding to invest, they should know about the specifications of the area that they are eyeing. He said that investors should learn about the infra-structure, costs of labor and the availability of skilled personnel, policies on tax, stability of govern-ment regulations, logistics and energy security.

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