by: Sarah Joson
Friday, December 19, 2014 |
According to Trade Secretary Gregory Domingo, lower oil prices and an increase in foreign direct investments will contribute to the growth of the country next year.
From January to September, the Philippine economy’s GDP showed a growth rate of 5.8 percent. Meanwhile, the government is targeting a 6.5-7.5 percent growth for 2014, and 7-8 percent growth next year.
The DTI official stressed that the Philippines outperformed Malaysia, and that foreign direct investments have steadily increased in the past four years. In 2010, foreign direct investments amounted to $1 billion and $2 billion in 2011, $3.2 billion in 2012, and $3.8 billion last year. During the first three quarters of 2014, the Philippines posted $4.8 billion in foreign direct investments. Domingo predicted that by the end of this month, it will exceed $5 billion.
Foreign direct investments grew 61 percent to $4.8 billion, largely caused by the strong manufacturing and business process outsourcing (BPO) sectors. This also resulted to the latest credit rating upgrade the country received from debt watcher Moody’s.
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