Hefty government investment in agricultural infrastructure next year is set to bolster a national drive under way in the Philippines aimed at increasing productivity and improving food security.
Philippines
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Foreign firms have objected to trade union proposals to raise the minimum wage, fearing this will cost the Philippines its competitive edge in what is an increasingly tough global investment climate. However, unions say the changes are crucial as workers need to shoulder increasing utility costs.
Strong economic growth is boosting consumer purchasing power in the Philippines, driving retail sales and creating opportunities for investment by both local and international chains.
While the Philippines is one of the fastest-growing economies in South-east Asia, the country lags when it comes to foreign investment, particularly when compared to its regional neighbours.
Demand for housing and office space in the Philippines is expected to remain high on the back of impressive economic growth. Despite an increase in new space, property developers expect vacancies in premium residential and office space across business districts to remain scarce.
New investments in the Philippines’ gaming industry are expected to boost tourism arrivals and bring inbound visitor numbers close to the 10m the government has targeted for the middle of the decade. On the down side, simmering disputes with some neighbours could make this goal harder to achieve and weaken the push to make the country the casino capital of the region.