I had a discussion with a government exec last week, where I decried the low level of foreign direct investment (FDI) into the Philippines. He disagreed and explained that the apparent low level wasn’t correct as it was the NET number from the Bangko Sentral ng Pilipinas. It deducted remittance of dividends, etc. of multinational corporations (MNCs) that were already here. And as the Philippines had many mature MNCs, ones who’d been here a long time, versus, say, Vietnam where they’re still new, they were sending back their profits, no longer needing to reinvest them in growth.