FDI higher than pre-pandemic level: Trade chief Lopez
The latest foreign direct investment (FDI) data is higher than the pre-pandemic level, the Department of Trade and Industry (DTI) said on Friday.
"The actual foreign investment that entered the country, we reported 43 percent higher year-to-date, that is the FDI, 43 percent year-to-date. I think that’s year-to-date August, unless we already have year-to-date ... September of 43 percent versus a year ago," Trade and Industry Secretary Ramon Lopez said during the ''Laging Handa'' virtual public briefing.
"What is more good here is that FDI... is even higher than the 2019 level by 30 percent, over 30 percent. It means we already surpassed the before pandemic level," he added.
Lopez said exports are also higher than last year and re-pandemic level.
"Other indicators like exports showed 20 percent higher than last year and also 5 percent higher than pre-pandemic. So, these two sectors have recovered, it is now higher versus the pre-pandemic level and that signals really a good recovery for the economy which is as you know is right now almost 5 percent, 4.9 percent year-to-date," he said.
"It means January to September of 2021 and we only need to hit 4.8 percent next year. You know the projection next year is even higher around 6.5 percent that is why we will really be able to bring back the 2019 level," he added.
Lopez said the country only needs 4.8 percent for next year, to go back to the 2019 level of GDP.
"The projection is around 6-7, so we will really be able to achieve the pre-pandemic level by next year. So, in effect, we have two years of pandemics and of course in two years we will also recover back to the 2019 level when it comes to the overall GDP," he said.
"But again, when it comes to exports, when it comes to investments, we already see the recovery better than the pre-pandemic level," he added. Robina Asido/DMS
