Economic managers to foreign investors: PH is Asia’s next economic powerhouse

THE Duterte Administration’s cabinet members showcased the investment opportunities in the Philippines to a host of business groups and investors during held in Singapore on August 15.

The briefing was headlined by Budget Secretary Benjamin Diokno, Finance Secretary Carlos Dominguez, Socioeconomic Planning Secretary Ernesto Pernia, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr., and Executive Secretary Salvador Medialdea.

Among the private sector representatives in attendance were Jaime Augusto Zobel De Ayala, chairman and CEO of Ayala Corporation; Ronie Ganguly, portfolio manager of Asian Credit Blackrock Singapore Limited; and George Barcelon, president of the Philippine Chamber of Commerce & Industry.

The Philippines was dubbed as the next economic powerhouse of Asia with GDP growth targeted to increase by 7 to 8 percent in the medium-term. Given this rate of expansion, the Philippine economy is poised to achieve upper-middle income status by 2022 with per-capita Gross National Income (GNI) of at least $5,000 from $3,550 in 2015.

A major source of optimism for both the public and private sector of the Duterte administration, as upgrading infrastructure is seen to boost economic productivity that will cut down the cost of doing business.

“The Build Build Build campaign will usher in the Golden Age of Infra in safe, reliable, convenient and mod- ern infrastructure facilities all over the

policy and national government spending continue to support an enabling economic environment for in