Saying that the Philippines had not been making too much headway in increasing its share of foreign direct investments, Senator Richard Gordon said the government should boost efforts to secure more investors.
He said the Philippines has remained fifth among the countries in Asia in terms of FDIs.
“Infrastructure plus industrial parks plus good development plus good atmosphere, making it friendly for investments, would help,” said Gordon.
He added that with different business enterprises leaving China as a result of its trade war with the United States, the Philippines should be more competitive and the government should exert more effort to make them see the country as an alternate location.
“Many have been transferring. For example, H1 Corporation which makes bicycle parts is now in Vietnam from China. Hex Steels, they moved to the United States. Ling Long Tires, they moved to Serbia, as far as Serbia. Ling Long Tires, Hasbro, Olympus, they moved to Vietnam. Deckers shoes, they moved to Vietnam and Cambodia, Steve Madden shoes, Vietnam and Cambodia, Coach Fashion moved to Cambodia and Vietnam… I don’t see any Philippines here on my list. So obviously, these countries will generate employment,” he said.