According to renowned economist, Dr. Bernardo M. Villegas, now is the time for Foreign Direct Investors to invest in the Philippines for several factors. He explains, “…It is wise to consider the strong fundamentals of the Philippine economy (demographic dividend, strategic geographical location in the most dynamic economic region in the world today—the Indo-Pacific region—and vast natural resources, among others) as the main reasons for investing in the Philippines…”
Dr. Villegas reiterates that, “Over the medium term (next five to six years), the upside is the possibility of growing at 8 to 10% per annum in GDP…” which he states will still be one of the highest in the Indo-Pacific region in the next few years. The country has shown a promising growth in various sectors including “Industry (9.5 %) and its sub-sectors: Construction (18.5%), Mining and quarrying (7.9 %) and Manufacturing (7.2 %).”
In addition to the industries mentioned, there is evidence that Foreign Direct Investments (FDI) will have more advantage now that the Public Service Act has been amended, giving FDIs more control as some industries are now fully open to 100% foreign ownership. This means FDIs can now invest fully on entities such as airports, railways, subways, tollways, telecommunications, expressways and tollways.
But to successfully penetrate the Philippine market, it is essential to delve deep into the environment and have full knowledge to ensure a smooth-sailing business operation. This is where the Center for Research and Communication (CRC) comes in with its profound understanding and proven expertise especially in the field of Public Service Law.
CRC has established itself as the premiere advisory group when it comes to the Public Service Law especially among the Local Government Units (LGU). One of its strongest partnerships took place with the Department of the Interior and Local Government (DILG) by co-organizing a series of webinars discussing the then proposed amendments to the 1987 Constitution, particularly on economic provisions. This includes increasing the public’s awareness on important issues such as “Labor, MSMEs, Public Utilities (Telecomm, Energy, and Electricity), Advertising/ Entertainment, and General Topics.” Essentially, the said Economic Fora, which was launched on May 14, 2021, opened the dialogue on showing the importance of lifting economic restrictions to the concerned lawmakers. Backed by numerous business groups and with relevant topics ranging from the role of FDIs on the growth of Philippines’ agricultural sector to opening discussions on why there is a need for economic reform, the webinar series has received positive feedback and garnered fruitful outcomes towards initiatives for the economic amendments in the 1987 Constitution. The passing of the amendments to the Public Service Act in the country paves the way for a better investment climate which will generate new businesses, increase market competition, and create more jobs.
This clearly showcases why CRC has become the go-to consultancy firm of LGUs in matters pertaining to the Public Service Law. Hence, it can be guaranteed that partnering with CRC will provide you with the edge you need in being one step ahead as a foreign direct investor in the Philippines. Interested to know more? Connect with us at +639054280727 or email [email protected].
- Department of the Interior and Local Government. “DILG launches series of economic fora to speed up long-term economic recovery”. 14 May 2021: https://www.dilg.gov.ph/news/DILG-launches-series-of-economic-fora-to-speed-up-long-term-economic-recovery/NC-2021-1088
- CRC Staff. “Series of economic fora”. Center for Research and Communication, https://crc.uap.asia/?s=economic+fora
- Villegas, Bernardo. “Transitioning to the next administration”. Manila Bulletin, 10 May 2022. https://mb.com.ph/2022/05/10/transitioning-to-the-next-administration-2/
The Center for Research Communication (CRC) is the research and consultancy link to Philippine business opportunities, uniquely poised to help you with business feasibility evaluation, demand and supply analysis, partnership development, project impact evaluation, value chain analysis, customized solutions for design thinking, data analytics and insights generation, and development of business strategies, and consultancy services for investors in Philippine market.