Foreign direct investment (FDI) in the Philippines still lags behind those of other Association of Southeast Asian Nations (Asean) members, and unless deterrents to investment are addressed, the country could lose out to its neighbors when an integrated Asean community begins implementation next year.

According to the United Nations Conference on Trade and Development’s (UNCTAD) World Investment Report 2014, FDI inflow in the Philippines grew 24 percent to $3.8 billion last year, with a phenomenal 118 percent increase seen in the first three quarters, but it took a hit from Typhoon Haiyan in the fourth quarter.