Economy

The Philippines’ emergence as a growth leader has been building gradually since the 1990s, following a long period of low growth and political upheaval. The country’s economy continues to enjoy a period of rapid, broad-based expansion as the business process outsourcing sector and rising remittances from overseas workers drive growth in consumer-oriented industries and construction. Although real growth decelerated in 2014 to 6.1%, it remained higher than South-east Asian peers, and is expected to stay near 6% for the remainder of the decade. 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. After too long spent as the slowest-growing economy in South-east Asia, the Philippines can finally look forward to catching up.

This chapter contains an interview with Cesar V Purisima, Secretary, Department of Finance; a viewpoint from Ramon R Del Rosario Jr, Chairman, Makati Business Club, and President and CEO, PHINMA; and a dialogue with Doris Magsaysay Ho, President and CEO, A Magsaysay, and Jaime Augusto Zobel de Ayala, Chairman and CEO, Ayala Corporation.