Recently, Time magazine featured a special report on the Philippines referring to it as a new Asian Tiger. And other sources' statistics point to an improving economy of the country. Of course, Filipinos were ecstatic about the news. But everyone seems to ask : Is this for real?
|Philippines : Asia's New Tiger|
If it's any indication of the good things to come, according to real estate pundits, the real estate boom in the country will continue for the next three years. I guess then that for the next three years our economy would still be on an upswing.
Another indicator are the positive words of New York University professor and economist Dr. Nouriel Roubini about the Philippines' strong economic growth and resiliency, and his opinion/recommendation that the Philippines should be upgraded to investment status this year or in the next thirty months. Dr. Roubuni said these encouraging remarks about the Philippines despite his prediction last year of a "global perfect storm next year (2013) as economies the world over slow down or shudder to complete halt."
Other factors which might help sustain our economic growth in the years to come would be : the transfer of Japanese companies to the country because of the ongoing territorial conflict of Japan with China, which has affected Japanese factories and companies located in mainland China; the growing tourism industry and the BPO service industry.
The uninterrupted dollar remittances of OFW (Overseas Filipino Workers) and Filipino emigrants would still be the lifeline of the Philippine economy that will ensure stability in case other factors fail to deliver. For years it has become the anchor of the country's economy.(The Filipino diaspora has turned out to be a blessing in disguise.) But this has to stop eventually, exports, tourism and BPO, not OFW remittances should be the country's main dollar source for its foreign currency reserve. A positive effect triggered by OFW remittances is an increase in domestic spending and consumption.
|2012 Philippine GDP growth : 6.6%|
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