The Philippines is the top investment destination across the globe, according to a United States-based firm.
In its recently released 2018 Best Countries report, U.S. News & World Report has named the Philippines as the “best country to invest in.”
“In contrast to declining inflows of foreign direct investment, or FDI, to Southeast Asia as a whole, the Philippines continued to perform well, according to United Nations (UN) data,” the global firm said.
According to the latest Bangko Sentral ng Pilipinas data, the Philippines’ net FDI inflows as of November last year amounted to $8.7 billion—which has already succeeded the $8-billion target for 2017.
“In years to come, the country is expected to receive more FDI from within the region from powerhouses like China that are looking to utilize available labor in developing nations,” U.S. News & World Report further added.
In a statement, the Philippine Department of Finance (DoF) attributed the country’s rank to its young and hardworking workforce, an excellent inclusive growth momentum, an expanding middle class, politically stable environment, and strong and popular leadership.
The DoF also took note of the country’s fiscal discipline, stable monetary policy, membership in ASEAN, an achievable infrastructure program, a strong anti-corruption drive, and improved revenue collection.
Next to the Philippines, Indonesia ranked second among 80 countries included in the study, followed by Poland, Malaysia, and Singapore.
Completing the top 10 best investment sites are Australia at 6th, followed by Spain, Thailand, India and Oman.
U.S. News & World Report said it based its list of top countries to invest in on the following attributes: entrepreneurship, economic stability, favorable tax environment, innovation, skilled labor, technological expertise, dynamism, and corruption.
Respondents include 6,000 participants who act as “decision makers in business around the globe.”
The Philippines also ranked 16th in terms of adventure, 34th in terms of being open for business, and 37th in terms of quality of life.
Overall, the Philippines ranked 49th of “Best Countries” across the globe.
Switzerland, on the other hand, was named the best country overall. Coming in second was Canada, followed by Germany, the United Kingdom, and Japan.