The Philippine economy is gradually on the rise, largely driven by its business process outsourcing, industry and construction sectors. The average pace of growth in the Philippines in the first half of the decade was 6.3%, compared to 6% in Indonesia, 5.8% in Malaysia and Vietnam, and 3.6% in Thailand.
The government has been widely commended for its efforts to improve business conditions and reduce corruption, while a relatively conservative fiscal policy has helped boost the economy’s credibility and steer investment into the private sector.
With the economy concentrated in the Metro Manila region, major challenges lie ahead in overcoming long-standing infrastructure bottlenecks and developing stronger energy and manufacturing sectors. Yet the government is increasing its efforts to spread manufacturing and business process outsourcing growth across the country, and clear obstacles to developing other sectors where outlying regions have strong potential. 2015 is set to mark the inaugural year of the ASEAN Economic Community, with the Philippines playing an integral role in the foundation of this ambitious regional venture.
President Benigno Aquino III: Interview
Barack Obama, US President, on sharing knowledge for a prosperous and progressive South-east Asia
OBG talks to Ramon R Jimenez Jr, Secretary, Department of Tourism (DoT)
Alfred M Yao, President, Philippine Chamber of Commerce and Industry (PCCI): Interview
Amando M Tetangco Jr, Governor, Bangko Sentral ng Pilipinas (BSP): Interview
OBG talks to Ramon S Ang, Vice-Chairman, President and COO, San Miguel Corporation
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