What a great way to jumpstart the new year of 2017! HSBC (Hongkong and Shanghai Banking Corp.) released a development forecast for the Philippines to further commence the entitlement as one of the fastest growing Asian developing economies due to increasing market, backed up by the growth of government infrastructure. This is despite the nagging terrorism threats and waged war against drug trade. HSBC estimated a growth expansion of 6.5%. HSBC economist Joseph Incalcaterra declared, this was due to the exceeding expansion in the first half .
With infrastructure investment up in 5% of GDP definitely boosting the entirety of the country’s development. Stock markets has been slowly recovering and the nationwide improvement estimation has seen a tremendous upward impression for businesses. Although there are still challenges in many areas, the country is still forecasted for 2017 and 2018 at 6.3 percent and 6.4 percent, respectively.
A slight offset in terms of export and overseas (ofw) remittances will take a slow however this is a positive indication of the increase in local employment opportunities surging and the success in business process outsourcing (bpo) industries and local tourism as well.
Let us all hope that the upward growth trend in the Philippines will continue as the Filipino living conditions and quality of life will improve in respect. This is with due diligence that we also have to take part, and not just sit back to wait for the forecast to unfold. We must do our part to transform our cities and country with our best efforts and ability.
