With countries in the region are competing to make themselves very attractive to Foreign Direct Investors, the Philippines is lagging behind several notches.
In August 2019, Business Wire reported citing Bangko Sentral ng Pilipinas (BSP) that long-term investments in the Philippines by foreign direct investors fell by an annualized rate of 37.1% for the first five months of this year. Here is the news from the Business Wire: https://businessmirror.com.ph/2019/08/14/5-month-fdi-down-37-as-investors-avoid-phl/
Besides amending the Foreign Investment Act 1991, the Philippines may have to look into other areas such as the ease of doing business in the Philippines and even its fiscal and monetary policies.