Despite boasting a range of attractions and a reputation for hospitality on par with its regional competitors, the Philippine’s tourism industry has a long way to catch up with nearby powerhouses such as Thailand and Malaysia. Under the administration of President Benigno Aquino III, the sector has been identified as a vehicle to be prioritised for the positive impact it can have on inclusive...
Growing an impressive 7.2%, the Philippines was one of Asia’s best-performing economies in 2013. As growth has given rise to increased business activity and boosted consumer spending power, the question that arises is whether this new-found domestic demand will be for goods and materials produced locally or imported from abroad. This is an issue that will become even more important in 2015 as...
Strong economic growth and a rise in energy demand have exerted pressure on the Philippines’ energy sector in recent years. With large, easily accessible oil and gas discoveries long since picked over, a continued decline in petroleum production has encouraged a heavy reliance on imports. As the country shifts its energy priorities away from crude oil and towards natural gas, the Department of...
With development dating back nearly 200 years, the Philippine insurance sector is among the region’s most mature and competitive, expanding steadily in recent years despite serious challenges in 2014. The nation remains prone to natural disasters, as evidenced by Typhoon Haiyan, a category-five storm that caused billions in damage when it struck in November 2013. It cost the sector millions...
As domestic liquidity surged and foreign investors gradually returned after a general flight from emerging markets in 2013, Philippine capital markets were riding a wave of optimism in 2014 and early 2015. The Philippine Stock Exchange’s (PSE) blue-chip index, the PSEI, hit a fresh all-time high in January 2015 and was continuing to rise in February, finally working past the “taper tantrum”...
As banks expand credit to a traditionally under-banked economy, the sector is enjoying a period of rapid catchup growth. A positive feedback loop is at work in which banks are increasingly driving economic growth, supported by inflows from foreign investment and Filipinos working abroad, while growing trust in the banking system is drawing greater volumes of savings. Although bank lending has...
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