Thursday, April 6, 2017

WATCH: Philippines is the Asia's new investment hub, says auditing firm!

PHILIPPINES' improved ranking in the 2017 Index of Economic Freedom (IEF), from 70th place to 58th place in 2016, is expected to attract more investors coming to the country, specifically Davao City, economic and business leaders said. Last Sunday, the Bangko Sentral ng Pilipinas Investor Relations Office (BSP-IRO) announced that the Philippines moved up 12 places from its previous ranking last year. With this year’s score of 65.6 in the latest annual global survey, the Philippines got a higher score compared to the world average score of 60.9 and the Asia-Pacific region score average of 60.4. Ronald Go, DCCCII president said this development shows that we have made gains towards the ease of doing business. He added the possible reasons for this higher ranking are the lessening of restrictions and red tape in the government, including the current administration’s drive towards elimination of corruption which led to more investments. “With a 6.8 percent growth in Growth Domestic Product (GDP), it bodes well for our economy. The improvement in our standing in the economic freedom index sends a strong message to foreign investors that we are a country worth considering in terms of future investments and trade,” said Go. For DCIPC’s part, President Lemuel Ortonio said this development in the Philippines’ IEF ranking will support the increased interest of foreign investors who have previously expressed curiosity for Davao City as an investment hub. “With the ranking as a moderately free country, this will encourage more investors to really consider the Philippines. And we are hoping that their top-of-mind choice will be Davao City,” said Ortonio




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