Foreign direct investments (FDI) in the country could increase by at least three times once lawmakers passed bills that will further open up the Philippine economy, a Cabinet official said on Monday.

“Concerning FDI, the Philippines is the most restrictive country in the Asean. In Vietnam, practically all areas of FDI is 100 percent, foreign participation is allowed. Here in the Philippines, there are so many areas where FDI is only partially open to foreigners,” Socioeconomic Planning Secretary Ernesto Pernia said on Monday.