If we are hard headed about this the huge remittances of Filipino overseas workers can be thought of as investment. We have a postive balance of payments, we need to marshal these resources and create a focused try at finding our comparative advantage and try to develop industries that we can be world leaders in.
Wallace said the Philippines had enjoyed low inflation and high international reserves and a stable balance of payments under Arroyo.
But he attributed this to the actions of the central bank and the huge remittances of millions of Filipinos working overseas.
He said most Asian countries, except small ones such as Cambodia and East Timor, were getting more foreign investment than the Philippines.
AYC Consultants economist Benvenuto Icamina said that, to attract more investment, the Philippines would need to revise certain “discriminatory taxation” policies that favor local companies over foreign ones.
He also said the country needed to upgrade and modernize its infrastructure while improving its governance and cutting “non-tariff barriers” such as red tape.
via Foreign investors shunning Philippines: experts | ABS-CBN News Online Beta.