Record growth for Philippines in 2010. Also in upcoming years?
Monday, February 07
With a GDP growth of 7.3% in 2010, the Philippines experienced its highest growth in decades.
Confidence is high
The peaceful election of President Benigno Aquino on the promise to fight corruption and poverty has lifted investor confidence in the long term.
Direct foreign investment, increased domestic consumption, increased tourism and continued strong overseas remittances are causing the enormous growth.
Other factors such as election spending further boosted the growth in the first two quarters whilst damage to crops due to the El Niño droughts heavily affected the agriculture sector decreasing the overall growth.
HSBC recommends investing in the Philippines
HSBC bank, among many other major international banks, have recommended investing in the Philippines, particularly in real estate.
It is expected that the high growth will continue in the next years, and probably the next decade, under the stable command of President Aquino.
Philippines has never experienced double digit growth
A 7% per year growth minimum target has been set, which is seen as the threshold at which there will be a significant impact on poverty. The Philippines has never experienced double digit growth, unlike its neighboring countries, however, economists are predicting that this could happen in the near future. A 7-8% growth is being predicted for 2011.
More information on investing in the Philippines and Angeles City
The Philippines has an extremely cheap, westernized, educated and hard-working work force, which along with the English-speaking culture and very favorable tax climate makes setting up a business in the Philippines absolutely ideal in nearly any type of industry.
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