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Gov’t: PH wins in Duterte trips

By: - Reporter / @bendeveraINQ
/ 05:12 AM October 12, 2017

Economic managers were optimistic President Duterte’s overseas visits would bring in $59.3 billion in economic benefits, fending off criticisms that the foreign trips were all for naught amid declining foreign direct investments (FDIs).

In a text message to reporters Tuesday night, Finance Secretary Carlos G. Dominguez III said the President’s foreign trips “resulted in various deals,” including $37 billion worth of investment pledges for business-to-business deals, $18 billion in official development assistance (ODA) funds, and $4.3 billion in trade deals.

It was earlier reported that the Duterte administration spent at least P501 million for 19 trips to 17 countries since he took office.

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Socioeconomic Planning Secretary Ernesto M. Pernia also said the “drop in total FDIs was only 14 percent by the second quarter,” clarifying a report from Sen. Franklin Drilon that there was a “significant deceleration.” Citing end-June data, Drilon said the entry of new investments, not money reinvested in existing businesses, dropped 90.3 percent to $141 million in the first six months of 2017 from $1.448 billion a year ago.

Pernia said reinvestments must be part of the bigger picture as “[reinvestments] are just as good as expansion of operations does create employment multipliers, too. This is the standard method of measuring FDIs.”

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TAGS: economic benefits, foreign direct investments (FDIs), foreign trips, overseas visits, President Duterte
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