Looks like President Rodrigo Duterte’s hard work are slowly paying off; this is after the Philippines were hailed the best country to invest in by foreign investors.
Based on the study conducted by US News and World Report published in the website Business Insider, Philippines ranked number one on the list of countries preferred by foreign investors to invest in.
According to US News, the list of ranking was “based on scores from more than 6,000 business decision makers on a compilation of eight equally weighted country attributes: corruption, dynamism, economic stability, entrepreneurship, favorable tax environment, innovation, skilled labor force, and technological expertise.”
In a text message, Department of Finance Secretary Carlos Dominguez III that the country’s strong macroeconomics fundamental and grand infrastructure spending plans made the country to rank on top of the list.
He also attributed the Philippines’ top ranking to the following assets:
- Young and hardworking workforce
- Excellent inclusive growth momentum
- Expanding middle class
- Politically stable environment
- Strong and popular leadership (under the Duterte administration)
- Fiscal discipline
- Stale monetary policy
- ASEAN membership
- Achievable infrastructure program
- Strong anti-corruption drive
- Improved revenue collection
Next on the ranking are Indonesia, Poland, Malaysia, and Singapore.