OBG sees PH as ASEAN ‘tiger economy’
A review on ASEAN economies point to the Philippines as the next tiger economy in the region despite strong growth also being experienced in other ASEAN countries such as Vietnam, Singapore and Myanmar. This is according to a statement by Paulius Kuncinas, Asia for Oxford Business Group’s managing editor.
30TH ASEAN SUMMIT PLENARY ACTION
“The consensus is it is going to be the Philippines as the next tiger economy. The simple answer is that the Philippines is unique because it is a knowledge and service-based economy and a consumption-led,” said Kuncinas.
One of the sectors that will contribute to the Philippines’ growth is its infrastructure. Power was cited to play a huge importance but these are being challenged by regulations and funding. Another factor is the country’s tourism because of its service export potential. Kuncinas also cited the “hot” BPO sector and lots of money flowing into the real estate sector especially in Metro Manila.
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From the ‘Economy’ section of The Report: Philippines 2017, the Philippines ranks as one of the best-performing economies in South-east Asia after five straight years of robust macroeconomic expansion. With rapidly rising domestic consumption, soaring foreign direct investment and a growing services sector, the country is set to record world-leading growth rates in 2017.
The Report also gave details about the Philippines’ abundant natural beauty and heritage sites. It said the “Philippines has steadily gained recognition over the years as a competitive tourism destination, despite being located in a region of strong contenders.”
All images from asean2017.ph
Source: mb, oxfordbusinessgroup
