Citing the economic growth as phenomenal, world renowned economist Dr. Nouriel Roubini said the country deserves a two-notch upgrade and projected it has the potential to grow 7 percent or more.
"The country's growth should not get lost to the international credit rating agencies," Roubini said during the holding of the Philippine Investment Summit 2013 held at the Makati Shangri –La on Wednesday.
"With the good macroeconomic conditions, expect that more investments portfolio are coming in," Roudini said adding that the stronger growth in several sectors like manufacturing, real estate and the outsourcing industry could further fuel economic growth.
Roudini also cited that the significant increase on the consumer consumption and the growing investment in residential property was an important factor in economic growth along with the improvement in the mining sector.
He, however, called "for more liberalization in foreign investment explaining that it is a greater source of investment, mining (particularly)."
"This is not just about money but also transfer of technology," he explained adding that there should, however, be a careful concern on the environment.
Meanwhile, for more foreign investments to pour in, Roudini said that "the government should ensure the sanctity of contract, ease prohibitions on doing business and eliminate if not eradicate corruption," he stressed.