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| Photo from bloomberg |
Among the other Southeast Asian countries, Philippine investments
have boomed leaving others fast behind with dust.
In an article posted by Bloomberg, it highlighted how the Philippine
economy surge this year especially in the first nine months of 2017 wherein net
physical assets of the country grew by 10.4 percent compared last year.
Even as compared to Malaysia with 6.9 increase and 5.8 increase
for Indonesia – based on data from statistics offices.
“There’s reason to remain bullish on the outlook. Philippine
government spending jumped 28 percent in October, the largest rise in almost a
year, with another record budget planned for 2018. Companies are also joining
in: Metro Pacific Investments Corp. plans to invest as much as $16 billion
through 2022 on road, water, and power projects, while Ayala Land Inc. is
boosting capital spending to a record $2 billion next year.” The article stated.
President Rodrigo Duterte’s build build build infrastructure
program is also the other factor of the bullish economy. With the going plan to
build network of railroads and highways, it is expected to sustain continuous economic
growth.
Also, the investsments are pouring in, which adds another
drive to improving economy.
“The government is very committed to keep spending strong
and that has maintained the robust momentum of the investment cycle,” said
Eugenia Victorino, an Economist at Australia & New Zealand Banking Group
Ltd. in Singapore.
“With growth firing on all cylinders, the Philippines is
really standing out in a region where the outlook has turned more positive.” She
added.
Bloomberg also highlighted that not only the private sectors
investment helped the Philippines to catch up in economic growth, but also the
noticeable public spending.
Source: Bloomberg
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