Surge in foreign investments must be matched with increase in domestic investments - Bunye
Quezon City (1 April) -- The surge in foreign investments being pledged or already in place must be matched with an increase in domestic investments so as to propel the country into First World status at the soonest time possible, according to Press Secretary and Presidential Spokesperson Ignacio R. Bunye.
In his column "The View From the Palace" which comes out tomorrow (Monday), Bunye said Filipino enterprise at all levels must take the lead in nation building by committing to meet foreign investors' favorable outlook on the country's economy.
"The expected surge in foreign direct investments (FDIs) is certainly good news for the people expecting more well-paying jobs, but we must continue to strive to match this with a stronger trend of domestic investments," Bunye said.
"Filipino enterprise at all levels must lead the trend for a nation we are building with our own hands and our own vision," he added.
"The stronger we can combine domestic and foreign resources to grow the economy, the faster our pace in joining the ranks of the First World by the next generation," Bunye said.
The Philippines's identity as one of the top investment venues was buoyed further recently when Grant Thornton International Business Report (IBR) ranked the country eighth among 32 countries with the highest proportion of booming businesses in the world.
Grant Thornton International is one of the world's leading organizations of independently owned and managed accounting and consulting firms providing assurance, tax and specialist advice to privately held businesses and public interest entities.
President Gloria Macapagal-Arroyo, in her speech at the 26th Biennial Convention of the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) at the Manila Hotel last March 30, lauded Grant Thornton's IBR as "a firm indication that growing political and economic security is driving investments up in an unprecedented scale."
In the same speech, the President also cited the resilient Filipino workers whose "faith and excellence" to their chosen field of expertise is world-class.
"Planning, productivity and good governance have combined to place the Philippines among the top 10 destinations for booming economies growing at a faster rate than average, measured against turnover and employment," the President said. (OPS) [top]