Good news for a change is coming out of the United Nations,
that is with respect to country’s image.
The UN is calling the Philippines “ a rising star in foreign
direct investments” as other different economic and trade reports takes note of
good economic prospects in the country.
Presidential Spokesperson Harry Roque said on Monday the
United Nations Economic and Social Commission for Asia Pacific (UNESCAP)
considered the Philippines as a rising star because of the 60 percent growth in
the country’s FDI inflows and simplified procedures for foreign investments
contributed to the positive forecast. *
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| The Philippine economy under the Duterte administration continues to draw in investors (photo credit to owner) |
“The
Philippines is expected to have significantly better trade prospects for 2017
according to United Nations Economic and Social Commission for Asia Pacific
(UNESCAP) in the Asia-Pacific Trade and Investment Report 2017: Channeling
Trade and Investment into Sustainable Development,” Roque said in a press
briefing in Malacañan Palace.
“The positive
outlook is a result of the improved services export performance, 58.6 percent
year-on-year increase in the telecommunication services and 11.3 percent growth
in the number of international tourist arrivals,” he added.
He said
UNESCAP considered the Philippines as a rising star because of the 60 percent
growth in the county’s foreign direct investment (FDI) inflows and simplified
procedures for foreign investments contributed to the positive forecast.
He also said
the report approved of the streamlining of services such as the releasing of
business permits and licensing system of the country.
Roque also
welcomed another report which said that the Philippine manufacturing sector
being ahead of other member countries of the Association of Southeast Asian
Nations (ASEAN).
“The Nikkei
Philippine Manufacturing Purchasing Managers’ Index (PMI) reported that the
country’s manufacturing sector got a score of 53.7 for the month of October,
which is higher than last month’s score of 50.8. This makes the Philippines on
top of ASEAN countries in overall growth ranking in manufacturing sector,” he
said. *
He noted that
the growth in manufacturing sector is attributed to the strengthened domestic
demand and maintained export sales, increased volumes of firm production and
availability of more capital equipment.
Report from
PCOO website
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