Investment pledges for Philippines climb 39%
Yet more indicators are flooding in that the Philippines is the world’s newest emerging market darling.
For the first six months of 2013, committed investments for the Southeast Asian archipelago nation increased 39 per cent to $6.9 billion, a rise attributed to greater investor confidence, echoed by recent investment credit upgrades.
The investments could create up to 78,000 new jobs once the projects come into operation, investment agencies said on July 31, a much-welcomed knock-on effect in a country where 10 per cent of the GDP is generated abroad.
“Once fully operational, the investments registered with the investment promotion agencies in the first half of 2013 is expected to generate 77,892 more jobs, a 17 per cent increase from 66, 416 jobs committed during the same period last year,” the Department of Trade and Industry said.
The wave of investment has overwhelming targeted economic zones, with projects managed by the Philippine Economic Zone Authority rising 92 per cent.
Foreign investment accounted for $2.1 billion, up 139 per cent from last year.
The Subic Bay Metropolitan Authority (SBMA) said the $320 million investments it approved are a 440 per cent boost from last year, a big part of which came from the resort complex, theme park and golf course projects of Resom Resorts Phils. Inc.
Meanwhile, investment banks are increasingly becoming bullish on long-term prospects in the Philippines.
On the same day the investment commitment figures were released, UK-based Standard Charted said that the Philippines could grow 8 per cent in 2015 and sustain that even into the next administration given that institutionalisation is carried out.
“There is no reason why the Philippines could not start growing faster than China,” Marios Maratheftis, global head of macro research at Standard Chartered Bank said in a briefing on July 31.
“The country is moving into the right direction. There is no reason why the Philippines will not grow by 8 per cent plus by 2015,” he added.
Once shunned as a basket case nation, too rife with corruption and conflict to even turn a glance at, the Philippines now benefits from greater fiscal stability, a growing middle class, and positive business sentiment as a result of higher government investment in infrastructure and progress made with securing peace in Mindanao.
Yet more indicators are flooding in that the Philippines is the world’s newest emerging market darling. For the first six months of 2013, committed investments for the Southeast Asian archipelago nation increased 39 per cent to $6.9 billion, a rise attributed to greater investor confidence, echoed by recent investment credit upgrades. The investments could create up to 78,000 new jobs once the projects come into operation, investment agencies said on July 31, a much-welcomed knock-on effect in a country where 10 per cent of the GDP is generated abroad. “Once fully operational, the investments registered with the investment promotion agencies...
Yet more indicators are flooding in that the Philippines is the world’s newest emerging market darling.
For the first six months of 2013, committed investments for the Southeast Asian archipelago nation increased 39 per cent to $6.9 billion, a rise attributed to greater investor confidence, echoed by recent investment credit upgrades.
The investments could create up to 78,000 new jobs once the projects come into operation, investment agencies said on July 31, a much-welcomed knock-on effect in a country where 10 per cent of the GDP is generated abroad.
“Once fully operational, the investments registered with the investment promotion agencies in the first half of 2013 is expected to generate 77,892 more jobs, a 17 per cent increase from 66, 416 jobs committed during the same period last year,” the Department of Trade and Industry said.
The wave of investment has overwhelming targeted economic zones, with projects managed by the Philippine Economic Zone Authority rising 92 per cent.
Foreign investment accounted for $2.1 billion, up 139 per cent from last year.
The Subic Bay Metropolitan Authority (SBMA) said the $320 million investments it approved are a 440 per cent boost from last year, a big part of which came from the resort complex, theme park and golf course projects of Resom Resorts Phils. Inc.
Meanwhile, investment banks are increasingly becoming bullish on long-term prospects in the Philippines.
On the same day the investment commitment figures were released, UK-based Standard Charted said that the Philippines could grow 8 per cent in 2015 and sustain that even into the next administration given that institutionalisation is carried out.
“There is no reason why the Philippines could not start growing faster than China,” Marios Maratheftis, global head of macro research at Standard Chartered Bank said in a briefing on July 31.
“The country is moving into the right direction. There is no reason why the Philippines will not grow by 8 per cent plus by 2015,” he added.
Once shunned as a basket case nation, too rife with corruption and conflict to even turn a glance at, the Philippines now benefits from greater fiscal stability, a growing middle class, and positive business sentiment as a result of higher government investment in infrastructure and progress made with securing peace in Mindanao.
