The country is gearing up for more investments

As I have repeatedly said on several occasions, the unprecedented interest in the Philippines has grown exponentially, particularly from the Western world, ever since Ferdinand Marcos Jr. became president. The President’s interactions with leaders through state and official visits have put the Philippines on the radar screen, consequently giving revitalized interest in the country as a smart investment destination. We also cannot deny the fact that the President’s courageous pushback on Chinese aggression in our territorial waters has given him high international leadership status.

I cannot overemphasize that all the trips that have been undertaken by the President are starting to bear fruit. We are seeing tangible results in data coming from the Bangko Sentral ng Pilipinas showing that net foreign direct investment inflows in November 2023 rebounded by 27.8 percent amounting to $1 billion, bringing the 11-month FDI inflows to $7.6 billion.

A report from the Philippine Statistics Authority also disclosed that foreign investment pledges surged 127.2 percent in the fourth quarter of 2023 to P394.45 billion, while 117 projects worth P2.5 trillion between the government and the private sector are now in the pipeline. The unemployment rate also went down to 3.1 percent in December – the lowest level since 2005 – better than the 3.6 percent recorded in November.

Analysts are also optimistic for 2024, among them Fitch Solutions’ unit BMI saying it expects the Philippine economy to grow at a faster rate of 6.2 percent this year, higher than the 5.6 percent in 2023. The Bank of the Philippine Islands meanwhile projects the economy to expand by 6.3 percent.

As noted by our economic team, “the presidential visits have been impactful for the economy, signaling to both local entrepreneurs and foreign investors alike the government’s commitment to fostering a conducive environment for economic prosperity. The Philippines has become a premier investment destination for foreign businesses in Asia.”

Sadly, there are still people looking at things from the old Filipino mentality of “instant gratification” – expecting instant results, refusing to acknowledge that these things