Promising Figures from the Philippine Economic Briefing
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Mon, 1 Oct. 2018
Build! Build! Build! This was the message of the Philippine Economic Briefing that saw over 300 participants sign up to hear from the largest ever Philippine government delegation to visit the UK. See this short informative summary video of the Philippine Economic Briefing to find out what took place.
Source: Department of Trade and Industry, Philippines
In one morning, delegates were able to meet and hear first-hand from Philippine Ministers including Finance Secretary Dominguez, Socioeconomic Secretary Pernia, Budget Secretary Diokno, Trade Secretary Lopez, Tourism Secretary Romulo-Puyat, Central Bank of the Philippines Deputy Governor Guinigundo, Transportation Secretary Tugade, Public Works and Highways Secretary Villar, Energy Secretary Cusi and Bases Conversion and Development Authority President & CEO, Vivencio Dizon.
The World Bank predicts the Philippine economy will continue to grow at an annual rate of 6.7 percent in both 2018 and 2019, making it one of the strongest performers among major developing economies. The country has experienced a staggering 78 quarters of continuous economic growth.
The participants listened to presentations and panel discussions that highlighted the Philippines impressive economic credentials and focused on developing infrastructure, connecting both transport and communications throughout the 7,107 islands of the Philippines.
The World Bank puts this performance down to increasing urbanisation, a growing middle-income class, and a large and young population demographic. The Philippines’ economic dynamism is rooted in strong consumer demand supported by improving real incomes and robust remittances.
The economy is growing at its potential but investment growth hinges on the government’s ability to implement its ambitious public investment programme. The Philippines is a growth leader in the ASEAN pack and is expected to remain one of the fastest growing economies in Asia. Overall, the Philippine economy is poised to sustain its growth momentum in the years to come. Robust monetary, financial and external sectors are expected to continue to lend support to economic growth over the near and medium term, and a continuing reform agenda towards inclusive growth supports this growth momentum.
A summary video can be seen above, and the presentations are all available below. Please get in touch with the UKABC to find how your business can be part of the Philippines’ bright future.
More photos of the event are available here.
For more information on UKABC’s programmes and business opportunities contact Allen Lai.