(Eagle News) — Pretty soon, the Philippines will no longer be the “sick man of Asia.”
Senator Sherwin Gatchalian made the statement on Tuesday, days after a US News report said the Philippines was the best country to invest in this 2018.
The Philippines bested Singapore, Indonesia, the United Kingdom, among others, in the list that was based on a study that polled over 21,000 people worldwide.
The study sought to measure the respondents’ perceptions of 80 nations across 75 metrics.
“Over the past few decades, the Philippines came to be known as the ‘sick man of Asia’ due to its disappointing economic performance in comparison to its Asian neighbors. Fortunately, international recognition of the country’s vibrant economic outlook through rankings such as these indicates that the sick man of Asia is nearing full recovery,” Gatchalian, chair of the Senate committee on economic affairs, said.
The senator expressed hope the government’s policies would keep the economy “moving in the right direction.”
He cited for instance the administration’s P9-trillion “Build, Build, Build” infrastructure program, which he said was a “crucial driving force” of the country’s economic climate.
“We have to make the most out of this opportunity to really kick foreign direct investment into overdrive by implementing the proper legal reforms,” Gatchalian said, noting Senate Bill No. 1639, which he filed.
The bill aims to remove barriers on foreign firms to encourage them to invest in the domestic retail trade sector.