Competitiveness in the Philippines: Catching the next wave
A report published by Deloitte offers insights into key sectors driving the Philippine’s economy and offers recommendations on how to make the Philippines a more attractive location for business investment, agricultural processing and manufacturing.
The tide has turned for the Philippines as signs of economic growth have boosted economic performance, which has given the confidence to investors that this is an emerging economy in which to invest. This has been attributed to investment in infrastructure, better governance, and a concerted effort to reduce corruption and red tape. Another positive, which the report remarks upon, is that the external risks to the economy are lower than in many emerging market economies. A stable environment like this, is ideal for creating the opportunities available to prospective UK businesses who wish to explore a market such as the Philippines to invest in.
“Asia’s economic future is bright, and the Philippines can be a leader in the region if it continues to build on its current success. No longer the “sick man” of Asia, the Philippines’ time has come.”