Infra spending, reopening of economy to further boost FDIs

According to Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort, the increase in net foreign direct investments (FDIs) was positively impacted by the rise in spending on infrastructure projects in the country. According to Bangko Sentral ng Pilipinas (BSP) net FDIs increased by 52% in July this year compared with July 2020. Ricafort also highlighted the expected positive economic outcomes of the implementation of legislation such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and the Financial Institutions Strategic Transfer (FIST) law that were passed to draw in more investments. Lastly, Ricafort backed the recommendation of more granular lockdowns that will permit businesses to operate on a larger scale, consequently further opening the domestic economy.

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