Palace calls for more vaccinations vs COVID-19 to boost economic growth
By Robina Asido
As foreign direct investment (FDI) increases, Presidential Spokesman Harry Roque called for the continued vaccination against the coronavirus disease (COVID-19) to further boost the Philippine economy.
"Foreign direct investment or FDI from January to August of this year according to Bangko Sentral ng Pilipinas (BSP) reached $6.4 billion an increase of 39.7 percent compared to the $4.6 billion net inflows of January to August last year. Let us therefore continue to ramp up our vaccination let us strengthen the vaccination so that we can all return to our jobs," said Roque in a virtual Palace press briefing on Thursday.
During the ''Laging Handa'' public briefing, Trade Secretary Ramon Lopez emphasized that the FDIs are now higher than the pre-pandemic level.
"We are the fourth biggest recipient of FDI even now during the time of pandemic. Our FDI has been growing 43 percent versus last year, and growing 30 percent versus 2019. Our FDI is higher than pre-pandemic," he said.
Lopez said exports are almost 10 percent higher than the 2019 pre-pandemic level.
"It is not true that the Philippines is falling behind in investment and exports is 20 percent growth year to date, higher also than 2019 pre-pandemic level. Not only in (the) 2020 pandemic, it is higher also than the pre-pandemic level in 2019. Our export is higher than by almost 10 percent," he said.
"So these are very good signs. These are also inputs in our GDP, the investment, exports and we know that if there are investments there are jobs, so many jobs will be able to return. So we need more investiment so that many jobs will be generated and it will also improve our poverty level if many people have jobs," he added.
According to BSP, the "foreign direct investment (FDI) net inflows in August expanded by 19.8 percent year-on-year to reach $812 million from $677 million in the same period in 2020.''
"Likewise, reinvestment of earnings rose by 11 percent to $776 million from the $699 million registered last year. However, non-residents’ net investments in equity capital (other than reinvestment of earnings) declined by 12.2 percent to $1.1 billion, from $1.2 billion a year ago," the BSP noted.
"Net investments in equity capital fell as placements dropped by 8.2 percent to $1.4 billion (from $1.5 billion) and withdrawals increased by 12.1 percent to $272 million (from $243 million)," it added.
The BSP also mentioned that the "equity capital placements were sourced primarily from Singapore, Japan, and the United States.
"These were channeled mainly in the manufacturing; financial and insurance; electricity, gas, steam, and air-conditioning; and real estate industries." DMS
