RP counts on "balikbayans" to boost dollar investments

While the current political wrangling continues to project a bad image of the Philippines to the international investment community, the country still counts on the "balikbayans" to boost dollar investments.

Cebu Chamber of Commerce and Industry (CCCI) president Robert L. Go suggested that the government authorities especially the agencies that have been tasked to encourage investments to the country, must utilize the millions of Filipinos residing and working abroad to invest their money in the Philippines, as the country desperately needs more investments.

Go, who was part of Arroyo's Economic Reform Team, said he would like to suggest this idea to the group in their next meeting in Manila.

Taking the example done by China, wherein the later spent millions of dollars to invite over 100 eminent Chinese overseas to China in an almost one-month "Discovery Trip", Go said the Philippines "last ditch" is to tap the Filipino dollar earners to put up businesses in their respective provinces, cities or towns, across the country.

In an earlier interview with Board of Investments (BOI) managing head Elmer Hernandez he said that the country is banking its investment growth on the local investors' confidence, while international investors are still hesitant to come to the Philippines to invest their money.

Amid the political trouble, Hernandez said Filipino capitalists continued to pour in money to invest in different businesses here, especially in service-oriented investments, like tourism, retail, food, among others.

Unlike before wherein 70 percent of the total investment figure in the country was derived from Foreign Direct Investments (FDIs), now it is the other way around, 70 percent are investments made by Filipinos in the Philippines.

However, Hernandez did not mention that of these Filipino-infused investments, some are funded by OFW relatives, or a dollar-earner investor.

Although, the OFWs have already contributed a big help to the country's frail economy, Go said it badly needs more investments either big or small in capitalization to increase economic activities, and boost employment.

Go said the Philippine must immediately embark on a program, like that of what China was doing, to invite the eminent Filipino overseas to come to the Philippines, and discovery the opportunities for investments here.

Early this year, the Global Filipino organization, through the National Federation of Filipino American Associations (NAFFAA), proposed a program to encourage overseas Pinoys to help the economic recovery of the Philippines.

The main concept of the proposed program is to encourage the 8 million Filipino overseas to deposit at least US$1,000 to any Philippine-based bank, to increase the dollar reserve.