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.
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JPMorgan
Chase (NYSE: JPM) is one of the oldest financial institutions in the United
States. With a history dating back over 200 years, thru its Chief economist fro
ASEAN- Sin Beng Ong made known his optimism for the economic growth prospects
of the Philippines under the Duterte administration. (photo credit to the
owner)
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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.”
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