The dynamic and proud young Filipinos driving economy rated ‘Best to Invest’ in 2018
With growth rates to rival China, and a youthful population that values education and hard work, the Philippines holds great potential, argues a recent report
In March, American media platform US News & World Report released its ranking of the top countries in the world in which to invest this year. Its list was informed by the opinions of 6,000 global business leaders, who assessed 80 or so nations on eight key attributes: entrepreneurship, economic stability, tax environment, innovation, skilled labour, technological expertise, dynamism and corruption.
After much number crunching, an Asian country took the 2018 pro-investment crown.
Was it perhaps Malaysia, which US News noted boasted “a highly skilled workforce coupled with a pro-business government”? Or Singapore, “an intellectual hotbed, ripe with educated citizens and intellectual property law”?
No. The winner was, in fact, the long-suffering Philippines, with “its resilient economy” that “continues to improve and push ahead of others in the region”.
In 2017, according to the World Bank, the Philippines was among the top three growth performers in the region (only Vietnam and China fared better), its economy expanding by 6.7 per cent.
In April, the country’s socioeconomic planning secretary, Ernesto Pernia, predicted that growth could soon surpass China’s 6.9 per cent in 2017 and the World Bank’s forecast for the Philippines of 6.7 per cent.
