The country’s “dubious” distinction as the “sick man of Asia” will soon be a thing of the past, Senator Sherwin Gatchalian said on Tuesday.
Gatchalian cited a ranking released by the U.S. News & World Report in February which placed the Philippines in the No. 1 spot among a list of “best countries to invest in.”
The U.S. News & World Report is a web-based American media company that publishes news, opinion, consumer advice, rankings and analyses.
According to the U.S. News & World Report, the ranking was based on a study that polled over 21,000 people worldwide on their perceptions of 80 nations across 75 metrics.
“Over the past few decades, the Philippines came to be known as the ‘sick man of Asia’ due to its disappointing economic performance in comparison to its Asian neighbors. Fortunately, international recognition of the country’s vibrant economic outlook through rankings such as these indicates that the sick man of Asia is nearing full recovery,” Gatchalian, chair of the Senate committee on economic affairs, said in a statement.
Gatchalian expressed optimism that the administration’s policies would keep the economy “moving in the right direction” – especially the government’s P9-trillion “Build, Build, Build” infrastructure program, which he said is a “crucial driving force” in strengthening the country’s investment climate.
At the Senate, Gatchalian said his committee has already begun deliberations on measures that would further boost foreign direct investment in the country.
He cited in particular Senate Bill No. 1639, which he had filed, and aims to remove barriers on foreign firms hoping to invest in the domestic retail trade sector.
“We have to make the most out of this opportunity to really kick foreign direct investment into overdrive by implementing the proper legal reforms,” Gatchalian said. /muf