Feb 16, 2010
MANILA - THE Philippines has lost ground as a destination for foreign investment during President Gloria Arroyo's nine years in power, a business consultancy said on Tuesday.
Almost everything today is worse than it was in 2000. You see the deterioration of most factors,' said Mr Peter Wallace, president of Manila-based AYC Consultants, which advises foreign investors.
Mrs Arroyo, who is required by the constitution to step down as president on June 30, has launched a media blitz in recent weeks to highlight what she has described as the country's economic gains since she took office in 2001. But Mr Wallace said that foreign investment in the Philippines, if adjusted for inflation, would be lower under Mrs Arroyo than other presidents.
In a report released on Tuesday, AYC Consultants said net foreign direct investment only averaged US$340 million (S$479.9 million) a year from 2001-2008 compared with the average of US$588 million from 1994 to 2000.
This is despite the effects of the Asian financial crisis for the earlier period, which began in late 1997, the report said. Mrs Arroyo took office in 2001 after a popular uprising toppled her scandal-tainted predecessor, Joseph Estrada. She won re-election in disputed polls in 2004. -- AFP
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