JFC Philippines targets $50 billion FDI, 3M new jobs over 10 years

The JFC's Arangkada Philippines announced its new targets of $50 billion foreign direct investments (FDI) and three million additional jobs for the next decade.

The Joint Foreign Chambers’ (JFC) Arangkada Philippines recently announced its new targets of $50 billion foreign direct investments (FDI) and three million additional jobs for the next decade. This hopes to pave way for more foreign investments in mining, agribusiness, infrastructure, telecommunications, transportation, education, and other sectors.

“The target is substantially above the current annual FDI of $8.3 billion for the five-year period of 2015 to 2019. We can achieve these targets, but only with the support of our many partners in government and the Philippine business groups,” American Chamber of Commerce of the Philippines President Peter Hayden at the Arangkada said in a press conference last December 2.

Hayden also elaborated that the new objectives can only be achieved if the government will enforce reforms especially in bringing down the cost of doing business in the Philippines at a time the FDI competition is tightening in Southeast Asia.

Nabil Francis, President of European Chamber of Commerce of the Philippines, stated that the private sector and government are key to sustaining the Philippine economy and in achieving the target goals.

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