Friday, October 13, 2006 Investors poured in 1.1 billion US dollars in RP in 7 months: Palace
MALACANANG said the government will seek to attract more investments after net cumulative foreign direct investments (FDIs) for the first seven months hit US$1.15 billion.
Net foreign direct investments to the Philippines rose more than three times to US$158 million in July from US$45 million last year. The figure brought to US$1.15 billion the net cumulative investments for the first seven months, compared to US$720 million last year.
Press Secretary Ignacio Bunye said the steady increase of FDIs is a sign of approval of and confidence on the government’s tough economic reforms.
Bunye, who is also Presidential spokesman, said the government is “working double time to sharpen governance and attract more investments” through aggressive campaign against grafters, rationalization of the bureaucracy, and the reduction of red tape.
He said government is undertaking full-scale computerization of all government transactions to reduce face-to-face contacts, including the e-procurement program.
He said Malacañang is aware of the concerns raised by investors and assured them that their calls will not fall on deaf ears.
In order to boost competitiveness, President Gloria Macapagal-Arroyo issued Administrative Order (AO) 161 institutionalizing quality services in government agencies and Memorandum 228 directing all agencies to improve transaction costs and flows. (JMR/Sunnex)
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