Trade deficit worsened as FDI increased

March 23, 2023

Charter change advocates hype FDI as a way to strengthen the economy, particularly the manufacturing sector. Manufacturing already overwhelmingly dominates the country’s exports.

However, in the absence of Filipino industrialization, FDI dominates domestic manufacturing. Foreign manufacturers and foreign investors in general have very low local content and their import-intensive operations are fueling the country’s trade deficit. This has widened over the years reaching a record US$43.5 billion in 2018.

Source link

IBON Foundation

IBON Foundation is a non-stock, non-profit development organization. We have been serving the Filipino people through research and education since 1978. IBON seeks to promote an understanding of socioeconomics that serves the interests and aspirations of the Filipino people. We study the most urgent social, economic, and political issues confronting Philippine society and the world.

Don't Miss

Greek Government to Send Aid to Flood-Stricken Areas | News

On Sunday, Greek Prime Minister Kyriakos Mitsotakis announced the first package

ILPS Commission 13 Reaffirms its Unwavering Solidarity with the Palestinian People in their Quest for Liberation

The ILPS Commission 13 reaffirms our unwavering solidarity with the