A new report on the Philippines just produced by Oxford Business Group (OBG), charts the country’s growth story which is being driven by consumer industries and construction against a backdrop of approaching elections and regional integration.
The Report: The Philippines 2015 explores the key part that business process outsourcing (BPO) and rising remittances are playing in driving a broader-based economic growth. The publication also considers the challenges that the country faces, led by infrastructure bottlenecks, looming energy supply concerns and streamlining of bureaucracy.
The Report: The Philippines 2015 contains an interview with President Benigno Aquino III, alongside a detailed, sector-by-sector guide for investors. It also features a wide range of interviews with other leading representatives, including the Secretary, Department of Finance Cesar V Purisima and the Governor of the Bangko Sentral ng Pilipinas Amando M Tetangco Jr., as well as dialogues with the Philippine representatives to the Asia-Pacific Economic Cooperation (APEC) Advisory Council; Jaime Augusto Zobel de Ayala, Chairman of Ayala Corporation and Doris Magsaysay-Ho, President of Magsaysay Transport.
International personalities, including US President Barack Obama and the Special Envoy of the French President for the Protection of the Planet Nicolas Hulot, also give their views on the country’s development, commenting on the repercussions of the Philippine-US Enhanced Defence Cooperation Agreement and climate change resilience respectively.
Andrew Jeffreys, OBG’s CEO, said that investors were taking note of the Philippines’ favourable demographics, improving governance and strong economic growth, which is expected to remain close to 6% to 2020.
“While the country’s large, qualified workforce has long been recognised as one of its strengths, our new report indicates that untapped potential is greater than ever, particularly in rapidly-developing sectors, such as IT,” he said. “Public and private efforts to support local technological innovation should increase the sector’s prospects for growth, with anticipated new infrastructure a bonus.”
Managing Editor for Asia, Paulius Kuncinas, added that an increased focus on competitiveness and added value was expected to help firms integrate into the ASEAN market, including new entrants.
“Our research indicated several positives for the Philippines ahead of the AEC,” he said. “Many of these, such as the country’s rising consumer spending power and the expansion of BPO into secondary and tertiary cities will be of key interest to investors, at a time when the Philippines, like other ASEAN members, is finding itself in the spotlight.”
The Report: The Philippines 2015 marks the culmination of more than six months of field research by a team of analysts from OBG. The publication assesses trends and developments across the economy, including macroeconomics, infrastructure, banking and other sectoral developments.
The Report: The Philippines 2015 has been produced with the Makati Business Club and the Philippine Chamber of Commerce and Industry. Contributions have also been made by Bangko Sentral ng Pilipinas, the professional services company Punongbayan and Araullo, the law firm Sycip, Salazar, Hernandez & Gatmaitan and BDO Capital & Investment Corporation. The publication is available in print or online.