Manila, Philippines – The Philippines was named among the top 20 emerging markets for investors in a list released on February 1, 2013 by United States of America-based Bloomberg Markets Magazine on areas of particular interest to foreign investors: Ease of doing business, and economic freedom. The top 20 emerging markets are China, South Korea, Thailand, Peru, Czech Republic, Malaysia, Turkey, Chile, Russia, Indonesia, Colombia, Poland, Namibia, Zambia, South Africa, Mexico, Brazil, Hungary, Morocco, and the Philippines.
Bloomberg, a multinational mass media corporation, used various criteria such as Gross Domestic Product (GDP) growth projections and literacy rates to rank the emerging markets. For the Philippines, its projected GDP growth was 20.4 percent for 2013-2017. In a Bloomberg interview conducted in the last quarter of 2012, it reported the “Philippines is the brightest economic star in Asia,” citing it as the strongest as well as the safest place for funds to be.
Amid robust consumer spending in the Philippines, Bloomberg projected the country to make it to the world’s top 10 fastest-growing economies. The Philippine government expects the mid-term elections to bolster spending in 2013, thus helping to achieve the fresh goal of 6to 7-percent growth for the year. Consumption is expected to continue fueling the expansion of the Philippine economy. The country benefits from resilient consumers, a young population base that can boost consumption, and the pickup in government capital-intensive infrastructure projects this year. Key growth factors are the services sector and a robust tourism industry and business process outsourcing sector.
Headquartered in Manhattan, New York City, United States of America, Bloomberg provides financial software tools such as analytics and equity trading platform, data services, and news to financial companies and organizations around the world, through its global news services of television, radio, the Internet and printed publications.
We congratulate the Republic of the Philippines H.E., President Benigno S. Aquino III, and the members of his economic team in their unrelenting campaign to institute reforms that will boost the attainment of inclusive growth. We wish them the best and success in all endeavors. CONGRATULATIONS AND MABUHAY!
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