Nothing worrisome, Rep. Siao on FDI decline

 

By Rose de la Cruz

 

The 90- percent decline in foreign direct investments as reported recently is nothing worrisome as investors who really know the country and have stayed here are not yet leaving us.

 

This, according to Rep. Frederick Siao of the lone district of Iligan City, who claims to be a businessman-investor himself.

 

Siao, who is vice chair of the committee on tourism and member of the committees of appropriations, Mindanao affairs and Youth and sports development among several others said the economy is in good hands and the country is under strong leaders.

 

“Even when investors evaluate their options, they look at the totality of indicators because that is what due diligence requires of them. In the same way, we also should look at the totality of economic indicators available,” he stressed.

 

He said as a member of the House Committee on Economic Affairs and as a businessman-investor himself, he is aware of the solid macroeconomic fundamentals.


The investors who know us best are the investors who have been here, stayed here, and continue to invest here, he said.

 

New investors often prefer to wait and see and since 2017 is the first full year of the Duterte administration's economic program, as manifested in the 2017 national budget, they choose to see how the budget is rolled out and its impact. That is perfectly understandable and they cannot be faulted for their due diligence.


The sudden focus of critics of the Duterte administration on the 90 percent fall in new foreign direct investments betray their narrow vision and reveal that they really are wearing blinders, he added.

They choose to be blind to the other indicators from the Bangko Sentral ng Pilipinas such as the gross international reserves of $81.35 billion as of Sept. 30, 2017; higher investment in debt instruments of $3 billion from January to June 2017; higher reinvestment of earnings of $416 million from January to June 2017; total net inflows of FDIs of $3.6 billion (Jan-June 2017) though this is 14 percent less than the same period last year but is still high and PSE Index closed above 8,300 points for the first time in history.

 

Also, he said,  the remittances from overseas Filipinos of $17.9 billion from January to July, up by 5.9 percent, continues to give the country a comfortable revenue profile.

 


The economy is in good hands and under strong and wise leadership. I worry not, he concluded.

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