‘Vietnam, Cambodia, Myanmar surpassing Philippines’

Vietnam, Cambodia and Myanmar, despite their respective political upheavals, will overtake the Philippines in terms of economic progress if Filipinos continue to resist opening up the economy to draw more foreign direct investments, Albay Representative Joey Salceda said.

Salceda, an economist, added, “Vietnam began to overtake us in FDI-to-GDP by 1990.”

The ravages of the 21-year Vietnam War that ended in 1975 did not stop Hanoi from making itself one of the most progressive economies in Southeast Asia, even surpassing the Philippines in per capita income along with foreign direct investments, he said before Congress.

Salceda, who chairs the House of Representatives’ ways and means committee, made this realistic pitch as the chamber under the leadership of Speaker Lord Allan Velasco deliberates on Resolution of Both Houses 2 that will amend very prohibitive economic provisions of the Constitution.

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