A series of reforms initiated by the administration of President Benigno Aquino III in the last few years have boosted spending on infrastructure and opened key industries to outside investors. The reforms prompted a series of upgrades to the Philippines’ credit ratings and echo initiatives taken in the region as it embarks on greater integration through the ASEAN Economic Community.
The Philippines emergence as a growth leader has been building gradually since the 1990s, following a long period of low growth and political upheaval. As of the 2010s improved governance under the administration of President Benigno Aquino III has helped to accelerate foreign direct investment (FDI) in business process outsourcing while reviving FDI into the manufacturing sector. This, and a demographic bulge in the young adult bracket, helped bring the average pace of growth in the first half of the 2010s to 6.3%, beating all the country’s main South-east Asian peers.
The Philippine economy is in a strong position with many factors in its favour, from positive demographics and growing bank penetration to improving revenue collection and public governance.
Empowering people: President Benigno Aquino III on inclusive economies
Consolidating ties: OBG talks to Le Luong Minh, Secretary-General, ASEAN
Union is strength: OBG talks to Roselan Johar Mohamed, Chairman, the Brunei Darussalam-Indonesia-...
Reform and enhance: OBG talks to Cesar V Purisima, Secretary, Department of Finance
Raised ambitions: OBG talks to Atsi Sheth, Associate Managing Director, Moody’s Investors Service
Across the bay: OBG talks to Albert S Garcia, Governor, Province of Bataan
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