In light of the recent decline in foreign direct investments (FDI) in the country, presidential adviser for entrepreneurship Joey Concepcion told businessmen to focus on economic fundamentals instead of seasonal data.
"Let's remain focused on the economic side which, again, remains the most important. Let's remain focused on growing our economy, 'cause that's what we need. We grow our economy then you guys, as investors, benefit," Concepcion said in his keynote speech at the AVCJ Private Equity and Venture Forum in Makati City on Wednesday.
On Tuesday, the Bangko Sentral ng Pilipinas (BSP) reported that foreign direct investments (FDI) fell by 37.9 percent to $307 million in July from $493 million in a year earlier. *
|Presidential adviser on entrepreneurship Joey Concepcion told businessmen to focus on the countrys' economic fundamentals instead of seasonal data( photo credit to owner)|
"Our performances go up and down. Just wait for two or three years and if the trend is lower, then we have a problem," Concepcion noted.
"While you can still make money in the Philippines, stay here. You're invested here because you can get a return ... Moving forward, how do we take it to the next level?" he said.
Concepcion said the economic team of the Duterte administration will conduct regular meetings with investors in the Philippines to discuss needs of the business sector.
The government targets a 6.5-percent to 7.5-percent growth this year, and 7-percent to 8-percent from 2018 to 2022.
Report from gmanetwork.com (Presidential adviser tells investors to focus on economic fundamentals)