At the beginning of the year, numerous organizations expressed positive outlooks for the Philippines’ economic performance. This came after the country experienced a late 3rd Quarter surge in 2012, growing by 7.1% and bringing the annual GDP growth to 6.8%.
Fortunately, the country was able to continue and even improve its impressive economic output in 2013, outperforming the other countries in the region. By midyear, it [the Philippines] recorded an average growth of 7.6%, one of the best in Asia. This has prompted various firms to revise their forecasts in the middle of the year, despite lowering their global and region-wide forecasts.
Recently, renowned firms such as the World Bank, the Asian Development Bank and Goldman Sachs have revised their outlooks for the Philippine Economy for 2013 from 6.2% to 7%, 6% to 7% and 5.5% to 6.8%, respectively.
One of the reasons given on why the country’s economic performance continues to do well as compared to other countries in the region is its strong domestic demand which makes it less vulnerable to external conflicts.
So why not take advantage of its growth and put up a business in this country which has a thriving economy? With the help of a reliable partner, such as Triple i Consulting, setting up a business in the Philippines can be as easy as 1 2 3.
Contact us to know more about how you can make this happen.
By: Dannie Manriza