As experts would call it, the Philippines is no longer the sick man of Asia, and business sectors all over the world are already aware of this. The economic map of the Philippines has greatly improved.
1.Consistent GDP Growth in the Philippine Stock Exchange
The Philippines is experiencing new breaking records in the Philippine Stock Exchange, sustaining an impressive GDP Growth. The creation of information and groups readily available on social media has enlightened so many regarding financial literacy and there are now more Filipinos who are learning to invest. The Philippines is now being considered as the Asian star in the global economy
The Philippines has one of the best performing stock markets in Asia. Investors are euphoric as to the changes in the PSE as they are able to receive new record highs. The PSE since October 2017 has been reporting a boost of investor confidence despite tax overhaul.
2. Increased Growth and Development
(c) Nicco Valenzuela
Every month, new buildings and roads are being constructed. The Duterte government is keen on implementing the creation of new buildings that will spur the growth of the Philippine economy.
There is a government-led construction boom, and even the farm sectors are greatly enhanced with this changes. The exports went as high as 14% in just 6 months in 2017 and household consumption also went high.
3. Thriving consumer economy
Unlike other countries where there has been a sudden recession in spending, the Philippines is at an all-time growth rate. Filipinos are more keen on spending money on clothes, cosmetics, taking vacations, investments and house improvements. Due to the help of social media more are also educated about other places and it is now easier than ever to connect with each other.
In a survey conducted by Nielsen, the Philippines was able to rank high globally when it comes to expenditures. The Philippine economy is now seen as one of the strongest in Asia.
4. Great economic forecast
The Philippines’ economic growth forecast for the years 2017 and 2018 has been upgraded in the latest Nomura Securities report.
The Nomura report released in April forecasts the Philippines’ GDP growing to 6.7% this year, noting the economy’s resiliency and relative protection from economic slowdown because of investment spending and private consumption continuing to prosper.
The GDP forecast upgrade largely banks on the strength of merchandise exports, specifically electronics which picked up demand from principal trading partners. Domestic demands also remain stronger than ever.
Economists note the country’s significant GDP growth is faster than other Asian peers.
5. PHL economy projected to sustain positive growth for 6 years
According to Business World Online, there is a positive growth rate for the Philippines, The leadership of Duterte led administration is seen to improve the economic forecast. The trust ratings for the current President is at an all-time high and even increased during the ASEAN 2017 in the Philippines.
The positive GDP rate is expected to be driven by investments, higher fiscal spending, and robust domestic demand, with growth drivers now expanding to include agriculture and industry services.
6. PHL electronics industry expands with infusion of UK investment
More investments coming from countries like the United Kingdom has increased. One of the key players like Dyson Electronics has entered the scene, catapulting the Philippine electronic industry to $20 M worth of investments just from the Dyson Electronics.
7. PHL signs $6 B worth of business deals with Japan
Philippine President Rodrigo Duterte left, and Japanese Prime Minister Shinzo Abe stand between the countries’ flags as they review a guard of honor at Abe’s official residence in Tokyo Monday, Oct. 30, 2017. Duterte is on a two-day visit to Japan. Nicolas Datiche/Pool Photo via AP
Japanese investments are expected to pour into the Philippines in the coming years, as at least 18 business deals were signed recently between Philippine and Japanese firms.
The signing of the Philippine-Japan business agreement is ascribed to the improved peace and order situation in the Philippines, as well as the strong Fil-Japanese relations.
8. Digital marketing Companies are changing the economic map of the Philippines
The digital age is here, and with the support of the Duterte administration, more and more digital marketing companies like IMARK International are thriving in the Philippines. New types of creative media and advertising like 88 ACE Productions has emerged to help the country put its information dissemination in perspective.