Presidential adviser urges businessmen to shift focus on economic fundamentals

Michaela Tangan
PUBLISHED October 11, 2017 04:05 pm

(Inside Manila) A Presidential adviser on Wednesday, October 11, called businessmen to veer away from seasonal data and focus on economic fundamentals.


Presidential adviser for entrepreneurship Joey Concepcion made the call after foreign direct investments (FDI) slid to 38% or $307 million from $493 million in the same period.


In a statement, BSP said that slump from January to July was due to net equity capital registering lower inflows at $272 million from $1.5 billion last year.


"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," he said.


Concepcion also asked foreign investors to stay in the country for two to three years as the country’s “performances go up and down.”


"While you can still make money in the Philippines, stay here. You're invested here because you can get a return," he said.


Meanwhile, Palace said that the reduction in equity inflow does not present the full state of FDI.


“We suggest we look into the whole investment picture covering both foreign and local investments to see the complete picture,” Presidential Spokesperson Ernesto Abella said.


“Data from the Board of Investments shows a 32% increase of investment pledges, as of October. BOI covers both local and foreign investment pledges registered with BOI. Several local companies likewise informed the Department of Trade and Industry of new investments and expansion plans. These include investments in coconut products, energy, power, cement, iron and steel and many more,” he added.


Abella also said that the administration’s economic team “will work double time to show that the Philippines is on a breakout.”

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