Economy

With GDP growth averaging 6.4% between 2010 and 2017, the Philippines is home to one of the top-performing economies in South-east Asia. Buoyed by its robust services sector, the economy has remained strong due to rising investment in manufacturing projects, strong remittance inflows from overseas workers and an infrastructure-spending surge under the government’s Build, Build, Build development programme. Foreign direct investment (FDI) reached an all-time high in 2017 as investors flocked to capitalise on rising domestic demand and optimistic growth projections. FDI is expected to increase once again in 2018, supported by both a young and skilled workforce, and rising government spending, with the long-awaited Tax Reform for Acceleration and Inclusion initiative expected to augment public coffers. This chapter contains interviews with Carlos G Dominguez III, Secretary of Finance; and Jaime Augusto Zobel de Ayala, Chairman and CEO, Ayala Corporation.