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Economist sees need for far more investment in Philippines
Noting that the Philippines depends on strong domestic consumption for growth -- a reverse of the pattern in China -- Bloomberg economist Michael McDonough says the biggest constraint on the Philippine economy is a dearth of foreign direct investment. While investment accounted for about half of China's economy last year, in the Philippines it was only a fifth, "far below the average for a country in its stage of development," McDonough said.
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