by: Sarah Joson
Wednesday, October 21, 2015 |
Despite the consecutive global issues that affected several economies across the globe, the Philippines is said to be one of the resilient countries that stood still these past couple of months. The global head of Citigroup's multinational corporation business said even with the upcoming presidential elections next year, the country’s growth and demographics story remains attractive to large, multinational companies that are looking to expand operations.
According to Marc Merlino, global head of Citi’s global subsidiaries group, during the slowdown of economies worldwide, the Philippines was backed by its “good story” which helped boost its image as an investment destination to numerous multinational corporations (MNCs).
He further explained that while other countries struggled in terms of growth, the Philippines’ 5-6 percent growth is quite strong. In addition to that, he said the country has a consumption-driven economy fuelled by 100 million people - and firms that are strongly considering establishing and expanding operations are said to have their eyes on the Philippines.
Merlino also said MNCs evaluate their business against the global environment, which is why these organizations have concrete data. Should there be any factor that could disrupt the business environment of the country, like the elections, he said it will be alleviated by the attractiveness of the overall business climate.
A 6.3 percent growth has been posted by the Philippines in recent years under the Aquino government. During this period, the country achieved investment-grade rating from three global credit rating firms.
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