Legarda Lauds 2017 FDI Increase, Says it Must Benefit the Poor

Senator Loren Legarda today lauded the increase in foreign direct investments (FDIs) to the Philippines as she urged government to ensure that it would not only result in a more robust economy but also benefit poor Filipinos.

Legarda, Chair of the Senate Committee on Finance, made the statement following the report of Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. that FDI net inflows during the period January-November 2017 exceeded the projection for 2017.

The BSP reported that FDI net inflows amounted to US$869 million in November 2017, higher by 16.9 percent than the level posted a year ago. FDI net inflows of US$8.7 billion during the period January–November 2017 exceeded the US$8 billion projection for 2017.

“This is a good indication of the growing confidence of foreign investors in the Philippines. We see this to further improve especially through the government’s ‘Build, Build, Build’ infrastructure development agenda and the tax reform law,” said Legarda.

“But again, the remaining challenge here is to translate this positive growth into actual actions, projects, and programs that will truly impact the poorest of our poor. We must ensure that the benefits trickle down to the poor, especially since FDIs generate local jobs. We have to bring the information to the people so they know the opportunities available to them and help match the jobs available with the skills of our people,” she stressed.

“While the sustained FDI inflows reflect investor confidence in the Philippines, especially with the economy’s solid macroeconomic fundamentals, we must also ensure our people’s confidence in the government to improve their lives and lift the poor out of poverty. We can only achieve real lasting growth if all Filipinos, including the marginalized and vulnerable, are part of our sustainable development agenda,” Legarda concluded.