Diokno: FDIs in PH could reach record highs this year

Bruce Rodriguez, ABS-CBN News

Posted at Jan 25 2020 12:55 AM

MANILA - Foreign direct investments (FDI) into the Philippines could revisit record highs in 2020, according to the country's central bank governor Benjamin Diokno on Friday.

At the sidelines of the Bangko Sentral ng Pilipinas' Annual Reception for Bankers, Diokno said FDIs inflows could reach over $10 billion this year once crucial measures like the Corporate Income Tax and Incentives and Rationalization Act (CITIRA) are implemented.

But even without that, he said they're expecting FDIs to reach at least $8 billion with the Philippines among the few attractive investment destinations in Asia.

He also downplayed worries over the slowing economic growth in the Philippines which hit an 8-year low in 2019.

On the contrary, Diokno said the country's economic growth is not slowing down as shown by the two straight quarters of accelerating expansion in 2019.

He added the government is now at the inflection point for its massive infrastructure program which would help link the whole Philippine archipelago and enable faster economic growth, adding the quality of growth of the Philippines is better now with the country seeing a reduction in poverty incidence and an improvement in employment figures.