Wed, March 10, 2010
CEBU CITY, March 10 (Xinhua) -- The inflow of foreign direct investments to the Philippines is expected to be higher this year as the global recovery boosts investor confidence.
"There should be an upward drift in FDIs this year relative to 2009," Philippine Central Bank Officer-in-Charge Diwa C. Guinigundo said at the sidelines of the Financial Education Expo being held here.
FDIs in 2009 rose by 26.2 percent to 1.9 billion U.S. dollars. This compared with the 2008 FDI that hit only 1.5 billion U.S. dollars, boosting optimism even more should flow inward this year.
"We're looking at more vigorous inflows of FDIs this year. I think the mining sector will continue to be the most promising industry," Gunigundo said.
The Philippine Mines and Geosciences Bureau has projected that investments in the local mining sector for 2010 could reach as much as 1.42 billion dollars, from an estimated 627.84 million U.S. dollars in 2009.
Gunigundo said the business process outsourcing industry, which generated between 6 billion to 7 billion dollars last year, may bring in some 12 billion dollars this year.
Guinigundo recalled investor sentiment on emerging markets like the Philippines was quite unfavorable in 2009 due to the global downturn. That they came to the Philippines and invested in a number of profitable ventures just the same is testament to the country's continuing appeal as investment destination, he said.
