by: Sarah Joson
Wednesday, January 28, 2015 |
During the Asian Financial Forum in Hong Kong, Teresita Sy-Coson, Vice-chairperson at SM Investments Corporation and Chair of the country’s largest bank, BDO, said the Philippines will retain a bullish economy as it has been growing at a range of 6-7 percent for the past couple of years.
Growth in the Philippines is widely being driven by the expansion in the business process outsourcing (BPO) sector, urbanization of the country’s provinces, and continuous remittances from overseas workers.
As for Southeast Asia, she said the region is a beacon of growth amid global uncertainties and economic slowdown seen in other nations.
Sy-Coson pointed out that strong domestic private consumption will shelter the country from drastic and detrimental effects of external shocks such as economic slowdown in much developed economies. Also, remittances from Filipinos working abroad and the revenues from the BPO sector have reinforced consumption, and lead to growth in real estate and tourism.
Economic growth is also expected to remain strong even with the decrease in agricultural production and slower government spending.
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