Infra boost and incentives: How the Philippines can attract investors

ABS-CBN News

Posted at Jul 26 2017 07:13 PM | Updated as of Jul 26 2017 08:01 PM

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MANILA - The Philippines needs to do more to attract foreign investments as it continues to trail its Asian neighbors in this area, Rajiv Biswas of IHS Markit said on Monday. 

"I think the Philippines needs to put more effort into attracting investments because that's how you can generate jobs, growth within the Philippines. It's good that there's a lot of remittances from abroad, but in the end the real solution has to be creating jobs in the Philippines," Biswas told ANC's Early Edition.

Biswas said there is no single reason why the Philippines ranks low as investment destination compared to its Asian neighbors.

"I think infrastructure investment is one important part of the equation, so the government's efforts to boost infrastructure with ports, airports, roads and so on are very important," he said.

Biswas added that other Asian countries are also working very hard to attract investments, creating a "very competitive landscape" in the region.

"Probably the government can do more to create incentives for manufacturing firms to move to the Philippines and set up export processing industries," he added.