Sen. Franklin Drilon says so.
He took a swipe at what he claimed was a faltering economy under President Duterte’s watch.
“If we are to attract new foreign investment, then it is about time that we take a serious look at how things are going on in our country, because new investment would not come in unless we are able to raise the investors’ confidence level on our country,” the Liberal Party stalwart said.
But a closer look at his statements forces us to fact-check his contention that Foreign Direct Investments have gone down by 90% since January 2017. His pronouncement creates the impression that the Philippine economy has been unattractive to all investments, and that our economic growth may fall. It sets fear into motion, especially among those not versed in economics.
Indeed, while Foreign Direct Investment figures are down, the total investment figures, which combine foreign and local sources, show much higher and improving growth in the first two quarters of 2017.
A review of the same data obtained from the Philippine Statistics Authority shows that total investments both by Filipinos and foreign sources have actually increased.
"Approved investments of foreign and Filipino nationals in the first quarter of 2017 grew by 21.8 percent, amounting to PhP 121.5 billionfrom PhP 99.7 billion registered in Q1 2016. Pledges from Filipino nationals stood at PhP 98.6 billion accounting for 81.2 percent of the total approved investments during the quarter."(PSA June 15)
"Approved investments of foreign and Filipino nationals reached PhP 230.5 billion in the second quarter of 2017, an increase of 29.7 percent from previous year’s PhP 177.7 billion. Filipino nationals continued to dominate investments approved during the quarter, accounting for 92.1 percent or PhP 212.3 billion worth of pledges."https://psa.gov.ph/foreign-investments-press-releases (PSA Sept 15)
With these figures treated as a whole, it is irresponsible to say that the economy is unattractive, or that government isn't doing a good job of attracting investments and promoting growth.
After all, no less than the Asian Development Bank has recently upped its growth forecast for the country, and so did other ratings agencies.
If their forecasts are correct, and there is little reason to doubt them considering the foregoing statistics, investments will keep coming. And reckless doomsday forecasts will continue to be judged as such.