Oxford Business Group: PH is Best Economy in SE Asia
There’s no doubt about it--the Philippines’ constant stellar performance has placed it on top of all the other Southeast Asian countries in terms of economic standing. What’s even more impressive is that this significant accomplishment has been achieved only in a few years.
According to Oxford Business Group (OBG) Managing Editor Paulius Kuncinas in a news conference held on May 13th, Friday, “It was unthinkable seven years ago, but the Philippines is the best economy in Southeast Asia today.” Because of this, said Kuncinas, investors are no longer hesitant to invest and are rather keen to know “where and what sectors” to invest in. As ICCP Group Chairman and CEO Guillermo Luchangco said, investors actually want to be here.
One of the most notable improvements is the bigger trades in the Philippine Stock Exchange index at 7,000, which is a big jump from 2008’s 3,600. Since then, the country’s foreign direct investments (FDI) have also increased from $1-2 billion to a huge $6 billion this 2016. Also, the economy's annual growth averaging at 6% also plays a big role in cementing the country's steady improvement.
Hence, it’s a challenge for the new administration to resume or exceed this progress--especially if it wants to turn into a middle- or upper-middle-income. Other than attracting more FDI, it’s also a must for the government to focus on developing infrastructure. ICCP Group Chairman and CEO Guillermo Luchango said that the presumptive president Rodrigo Duterte can work on the areas that President Aquino has lagged to fix, which includes agriculture and fostering small and medium-sized enterprises.