Philippines

In late February, the Philippine’s Department of Energy announced it was forging ahead with plans to offer 15 offshore territories to foreign investors for oil and gas exploration. The secretary of energy, Jose Almendras, said the government hoped to award contracts to the winning bidders this month, underscoring the government’s desire for work to begin as soon as possible.

January’s revelation that the Philippines’ economy grew 3.7% in 2011 came as the government and central bank announced new measures to further boost growth. Indeed, President Benigno Aquino’s administration plans to spend its way through current economic challenges, refocusing on domestic − rather than foreign − markets.

The Philippines’ construction sector appears set for a busy year, with the state planning to inject billions into the industry. While the government’s infrastructure programme continues to ramp up, the country’s contractors are looking forward to increased public spending after a slower-than-expected 2011.

In the Philippines’ current plans for a major upgrade of the country’s agricultural sector, the most dramatic move is a determination to transform the country from being the world’s top rice importer to becoming a net rice exporter by 2014. This is undoubtedly a formidable task, as rice is the Philippines’ main food staple:

The Philippines may be heading towards a period of economic introspection, looking inward for growth and stability as the shadow of slower economic growth appears to be spreading over many of its key trading partners. The country’s inner strength was tested late in 2011, however, by natural disaster and other domestic concerns.

With 2011 having seen a spike in visitor arrivals, the Philippines’ tourism sector is moving ahead with plans to become a major engine for the country’s economic growth.