FDI in the Philippines and the energy mix

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FDI in the Philippines and the energy mix
June 20, 2023 | 12:02 am

My Cup Of Liberty
By Bienvenido S. Oplas, Jr.
https://www.bworldonline.com/opinion/2023/06/20/529550/fdi-in-the-philippines-and-the-energy-mix/

Last week, the government economic team held the 7th Philippine Economic Briefing (PEB) in the Singapore Fullerton Hotel. The first PEB in Singapore was held on Sept. 9, 2022 and led to investment pledges of $6.5 billion.

SOURCES OF FDI

Singapore is the most appropriate place to invite more foreign direct investments (FDIs) into the Philippines because it was the country’s number one source of FDIs in 2020-2022, larger than Japan, and six times larger than the US (see Table 1).

Among the declarations made at the Singapore PEB were the following. Finance Secretary Benjamin Diokno said “this is the moment”; Budget and Management Secretary Amenah Pangandaman said “the Philippines will not only be the darling but also the Sweetheart of Asia.” Secretary Arsenio Balisacan of the National Economic and Development Authority (NEDA) said the President desires to expand opportunities and partnerships for trade and bilateral relations rapidly. Central Bank Deputy Governor Francisco Dakila, Jr. added that cash remittances, BPO revenues, FDIs, and international reserves will cushion the Philippine economy against global headwinds.

DBS Group Chief Executive Officer (CEO) Piyush Gupta said that Philippines is among the top 10 nations of interest for Singapore investors. Good.

More investment means more businesses and job creation, more modernization, less poverty, and less dependence on the state for welfare by the citizens.

Notice the big jump in 2022 FDI coming from Malaysia, Russia, Germany, Kuwait, and Switzerland, while there was a big decline in FDI coming from China, the Netherlands, and the Cayman Islands.

The Philippines and the rest of Asia should focus on trade and investments, and global and regional peace via commerce, tourism, and modernization. We should not follow Europe and the US that are fixated on endless wars....

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