The Philippine economic growth remains optimistic as it shows a better-than-expected performance for the second quarter and a favorable outlook in the third quarter of 2014.
From a timid growth of 5.6% in the first quarter due to the impact of natural calamities in last quarter of 2013, the Philippine economy recovered and increased its GDP to 6.4% on its first half making it the second fastest in Asia in terms of growth following China.
The Philippines proves to be one of the bright spots in the Asean region as it emerged as the fifth biggest economy among the 10-member states of the Association of Southeast Nations in 2013. The country also ranked sixth in terms of international merchandise trade and foreign direct investment inflow among its Asean neighbors.
Recently, The Philippines ranked 52nd out of 144 economies in the 2014 Global Competitiveness Report released by the World Economic Forum, 7 notches higher from its previous rank in 2013.
The countries were graded based on 12 categories or “pillars” which include institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation. The Philippines made positive, and in some cases, truly remarkable grades in most of the 12 pillars according to WEF.
As the country continuously demonstrates positive results, the government is confident that Philippines will carry on attracting more foreign investors to do business in the country, thus generating additional jobs and uplifting the country’s economy in the next years to come. Nevertheless, it remains a challenge to understand the Philippine regulations, its governmental institutions and how to incorporate.
With over 150 companies registered in the Philippines, Triple i guides companies from all the different business sectors to understand this economy. Contact us and one of our business consultants will consult you and advise you on the best strategy for your company.