Beef up trade ties with US

THE Philippines is ready to take advantage of its credit rating upgrades, stock market performances, and good governance policies to beef up its economic ties with the United States.

In a statement sent by the Philippine Embassy in Washington, the delegation said the Philippines may tap into the “full potential” of its economic relationship with the United States because of its “continued economic growth and unprecedented level of international business

confidence.” The private sector delegation from Manila kicked off on Monday the 4th Philippine Private Sector-led Investment Roadshow in Pittsburgh, Pennsylvania.

Led by Dr. Bernardo Villegas, visiting professor at IESE Business School in Barcelona and professor at the University of Asia and the Pacific, the delegation aims to improve business links between the private sector in the US and the Philippines.

He identified the following factors as reasons why US companies should look into investing more in the Philippines: record-level macroeconomic and stock market performances, credit ratings upgrades, improvements in competitiveness rankings, record-high levels of foreign direct investment, a growing demand of world class Filipino talent, and an unprecedented level of international business confidence stemming from good governance.

During his presentation, Villegas identified “a stable democracy, improved governance, strong macroeconomic fundamentals, an educated, young and English-speaking labor force, and OFW remittances as positive trends contributing to the Philippines becoming one of the emerging markets.”

“The Philippines is in a demographic sweet spot with the young and growing population being the main source of our competitive advantage,” he added.

The international community is “paying attention to these improvements, as shown by various global reports and indexes,” Philippine Ambassador to Washington Jose Cuisia Jr. said.

Citing the World Economic Forum Global Competitiveness Index for 2015 to 2016, the envoy noted the country was ranked 47th out of 140 economies, up five notches from the previous year’s ranking.

Such assessment “highlights the Philippines’ favorable macroeconomic environment, capacity for innovation, and business sophistication,” Cuisia said.