- The Philippines is ranked No.1 in the list of “Best Countries to Invest In” for 2018
- The list is compiled by American media company US News
- The country is also ranked 49th in the “Overall Best Countries” list
MANILA, Philippines – The Philippines is ranked No. 1 in the list of ‘Best Countries to Invest In’ for the year 2018 by US News magazine.
The Philippines has outranked its Asian and other wealthy and more developed neighbors, most notably Singapore, which only came in at number 5, and South Korea, which is ranked 22nd.
According to US News, the ranking is “based on scores primarily from more than 6,000 business decision makers on a compilation of eight equally weighted country attributes: corruption, dynamism, economic stability, entrepreneurship, favorable tax environment, innovation, skilled labor force, and technological expertise.”
The report noted that the Philippine economy is flooded with billions of dollars in remittance sent by several overseas Filipino workers (OFWs) from different parts of the world.
“These remittances, along with a flourishing tourism industry, have helped maintain a budget surplus,” said the report. “But the implicit dependence on global trends has proved risky, and opportunities in electronics, petroleum and other goods are being explored.”
The Philippines bested other countries such as Australia, Spain, United Kingdom, The Netherlands and even China.
“In contrast to the declining inflows of foreign direct investment, or FDI, to Southeast Asia as whole, the Philippines continued to perform well, according to United Nations data,” the report further noted. “In years to come, the country is expected to receive more FDi from within the region from powerhouses like China that are looking to utilize available labor in developing nations.”
However, the Philippines is only ranked 49th in the “Overall Best Countries” list by the same magazine. The list is topped by Switzerland, followed by Canada, Germany, United Kingdom and Japan in the top 5.
Sweden, Australia, United States, France and The Netherlands rounded up the Top 10.
Meanwhile, here’s the list of the top 10 “Best Countries to Invest in” for 2018 by US News:
Please CLICK HERE for the full list and ranking.