A study done by Standard Chartered showed that a lot of people are ecstatic with the Philippines’ above average GDP performance last year, resulting to positive and bullish predictions.
Jeff Ng and David Mann, research analysts at the banking giant said the optimistic opinions are more noticeable now, compared to 2012. Moreover, they people's confidence to the improving economy.
Ng and Mann added that one industry that shows growth is the construction division, brought about by new businesses. However, the country faces challenges in infrastructure development and investment segments.
Meanwhile, it was noted that even if the Philippines got lower rankings against other Asian countries for business infrastructure and competitiveness, local businesses are still flourishing.
Other evident signs of the country’s thriving business scene are the digitized bank services for remittances of overseas workers and the emergence of 24-hour food and beverage and retail businesses that widely cater to business process outsourcing (BPO) companies.