The Philippines has ranked first in a list of investment-worthy countries released by US News & World Report.
The American media company said that the country continued to perform well in terms of foreign direct investments (FDI), in contrast to declining inflows for Southeast Asia as a whole.
“In years to come, the country is expected to receive more FDI from within the region from powerhouses like China that are looking to utilize available labor in developing nations,” it said.
US News & World Report focused on eight attributes: entrepreneurship, economic stability, favorable tax environment, innovation, skilled labor, technological expertise, dynamism, and corruption.
Responses from over 6,000 survey participants were then used to determine the ranking.
The Philippines bested Indonesia, which ranked second. Poland came in at third while others in the top 20 were Malaysia, Singapore, Australia, Spain, Thailand, India, Oman, Czech Republic, Finland, Uruguay, Turkey, Ireland, the Netherlands, the United Kingdom, Brazil, France, and Chile.
Commenting on the list, Finance Secretary Carlos Dominguez 3rd said the Philippines was benefiting from “a young an hardworking workforce, an excellent inclusive growth momentum, an expanding middle class, politically stable environment, strong and popular leadership, fiscal discipline, stable monetary policy, membership in Asean (Association of Southeast Asian Nations), an achievable infrastructure program, a strong anti-corruption drive, [and]improved revenue collection.”