UNCTAD Report Shows Positive Outlook For PH
By MADEL R. SABATER
July 6, 2012
Manila Bulletin
MANILA, Philippines – Malacañang said on Friday that the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2012 on the Philippines is a step in the right direction toward having higher foreign direct investments (FDIs) for this year.
The UNCTAD reported that while the Philippines has $850-million in FDIs for the first quarter of 2012 alone, up by 75 percent in the same quarter in 2011, it failed to maximize its potential to attract FDIs.
Presidential spokesperson Edwin Lacierda said the country’s FDI in the UNCTAD report was based on the 2011 figure. He expressed optimism that the 2011 figures can be exceeded this year.
“The figures posted by UNCTAD were based on 2011 figures and those figures were culled from the Bangko Sentral ng Pilipinas (BSP),” he said.
“The figures stated by the UNCTAD were that for FDI in 2011 (at) $1.262-billion. Just for the first quarter alone of 2012, our FDI was already at $850-million,” he added.
Last June, the BSP revised the FDI target for 2012 to $1.2 billion from $2 billion due to the slowdown in the United States economy and crisis in the European Community.
The UNCTAD report revealed that the Philippines has the potential to attract FDIs but received “less FDIs than could be expected based on economic deterrents.”
But the Philippines received higher FDIs than Laos, Brunei, Myanmar, and Cambodia but still lagged behind other neighboring countries in Southeast Asia.
The UNCTAD reported that while the Philippines has $850-million in FDIs for the first quarter of 2012 alone, up by 75 percent in the same quarter in 2011, it failed to maximize its potential to attract FDIs.
Presidential spokesperson Edwin Lacierda said the country’s FDI in the UNCTAD report was based on the 2011 figure. He expressed optimism that the 2011 figures can be exceeded this year.
“The figures posted by UNCTAD were based on 2011 figures and those figures were culled from the Bangko Sentral ng Pilipinas (BSP),” he said.
“The figures stated by the UNCTAD were that for FDI in 2011 (at) $1.262-billion. Just for the first quarter alone of 2012, our FDI was already at $850-million,” he added.
Last June, the BSP revised the FDI target for 2012 to $1.2 billion from $2 billion due to the slowdown in the United States economy and crisis in the European Community.
The UNCTAD report revealed that the Philippines has the potential to attract FDIs but received “less FDIs than could be expected based on economic deterrents.”
But the Philippines received higher FDIs than Laos, Brunei, Myanmar, and Cambodia but still lagged behind other neighboring countries in Southeast Asia.
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