Philippines ranked the Best Country to Invest in for 2018
The Philippines ranked the best country to invest in for 2018 as it topped the list of 80 countries noted in the U.S. News and World Report. Indonesia, Poland, Malaysia, and Singapore followed to make up the top 5 in countries to invest in for 2018. The Philippines foreign direct investments (FDI) has been performing well compared to the declining investments to other ASEAN countries, with a population of 103.3 million; a total GDP of $304.9 billion; and 6.9% GDP growth.
In the report it states, “In years to come, the country is expected to receive more FDI from the region from powerhouses like China that are looking to utilize available labor in developing nations.”
This report was given by more than 6,000 business decision makers and combined with other factors such as corruption, economic stability, entrepreneurship, favorable tax environment, skilled labor force, and technological expertise.
Additionally, the Philippines ranked 49th on the overall list of best countries based on assessment of all the shapes a country, quality of life, and economic potential.
Finance Secretary Sonny Dominguez was cited for several reasons why the Philippines ranked the best country to invest in for 2018. Mr. Dominguez states, “A young and hardworking workforce, an excellent inclusive growth momentum, an expanding middle class, political stable environment, strong and popular leadership, fiscal discipline, stable monetary policy, membership in ASEAN, an achievable infrastructure program, a strong anti-corruption drive, and improved revenue collection…”
As of November 2017, the Philippines has received approximately $8.7 billion (P453.35 billion) worth of FDI according to the latest data from the Bangko Sentral ng Pilipinas (BSP) which has already exceeded the 2017 target by $700,000.