Things are really looking up for the Philippines – economically speaking.
While the United States of America and the rest of Europe is struggling to stay out of a recession, the South east Asian region is on a continuing growth mode. The Philippines along with the other South East Asian countries are fueling that growth.
Last week, the International Netherlands Group (ING) a well-known multinational banking and financial institution has made a pronouncement of its confidence in the country’s economic growth under the current administration.
A few days back credit rating agency- Fitch Ratings also gave its vote of confidence in the economic growth of the country, projecting an average of 6.6% growth t under the Duterte presidency.
“This is the best shot we’ve had for a while”
J.P. Morgan chief economist for ASEAN Sin Beng Ong has expressed his optimism in the bullishness regarding the prospects of the country in its economic growth, in his exclusive interview with the Philippine Daily Inquirer.
The country is in a situation where the current administration has that unique opportunity that is not seen since the mid 1990’s or before the Asian financial crisis.
In his Inquirer interview, he has taken note of the government’s economic managers recognizing the issues that are in need of addressing and its primary focus on fixing the the economy’s structural weaknesses.
The small and medium enterprises that are now being given assistance by the government which tries to narrow the gap from the rich and the poor andthe favorable demographics- a young workforce entering employment is a phenomenon not only experienced by the country but are also been seen in Indonesia, Thailand and India.
The administrations flagship project- BUILD BUILD BUILD or the “ Golden Age of Infrastracture” a P9 Trillion projects would push the country to a close 7% growth rate if done accordingly as this will benefit across all socioeconomic strata.
Ong also urged the government to pass the Comprehensive Tax Reform Program to give the administration to give the administration the needed push in its ambitious plan in the constructions of seaports, airports and highways that will help bridge the economic gaps between the countries different islands.
“We need to see ‘quick wins’ and that’s where the CTRP comes in,” Ong said. “They have to pass this to improve the country’s credibility as an investment destination.”