by: Sarah Joson
Wednesday, April 20, 2016 |
Foreign traders recently stated that they remain optimistic on the growth prospects of the Philippines despite uncertainties brought on by the May national elections.
The country’s growing external trade, booming business process outsourcing (BPO) sector, and continuous influx of remittances have been noted by representatives of the British and German chambers of commerce.
Chris Nelson, President of Philip Morris Fortune Tobacco and Chairman of the British Chamber of Commerce, said traders are eyeing to invest on infrastructure and banking.
Moreover, the executive said the growth rates of the Philippines are impressive and British businesses are looking to sustain the growth.
Economic analysts predicted that the Philippine economy will grow by 6.5 percent this year, which is higher than the 5.8 percent growth posted last year.
Meanwhile, Charlotte Bandelow, Deputy Executive Director and Head of trade promotion at the German-Philippine Chamber of Commerce and Industry, said German businesses saw the positive changes carried out by the present government of the Philippines. These led to a stable economy and attractive investment climate. Furthermore, she pointed out that the trade volume between Germany and the Philippines amounted to P5.5 billion in 2015. However, she warned that the Philippines needs a “competent government” to remain on the right track.
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