Rising Philippines has the Best Economy in SEA – Oxford Business Group
Philippines was tagged as the top-performing economy among Southeast Asian country according to Oxford Business group. As for them the Philippines’ economy has a fast rising scheme that attracts more foreign investors to invest and put up their businesses in the country. Some of the well known people in the business industry shared their thoughts regarding this matter. As for ICCP Group Chairman and CEO Guillermo Luchangco, he no longer has to convince his business partners to come see what the Philippines has to offer. They want to be here, he said. Also according to Metrobank Vice-Chairman Francisco Sebastian agreed, saying, “Before, if I could entertain five to six businessmen a year, I was lucky. Now, I entertain five to six people a week.”
“It was unthinkable seven years ago, but the Philippines is the best economy in Southeast Asia today,”
Oxford Business Group (OBG) Managing Editor Paulius Kuncinas said in a news conference on Friday (May 13). One of the main catch for the investors is the large, young, English literate and speaking workforce, also the close trade links with Asia, the world’s fastest-growing region is one them.
Considering that we just had the 2016 elections few days ago, the call for a better economic program that can highly sustain the momentum of our country’s economic growth is very much essential. So much has improved in the last few years, Sebastian said. The economy has grown above-5% annually. The Philippine Stock Exchange index now trades at about 7,000, nearly double the 3,600 in 2008. Foreign direct investments (FDI) have tripled in the same period, from a “miserable” $1-2 billion to $6 billion this year.
Given all the numbers that shows how rampant our economy is rising you cannot really just sit down rather the incoming government should also prioritise this to maintain or even heighten the on going trend. The Philippines must now set its sights on transitioning into a middle- to upper-middle income country, Kuncinas said.
