The Philippines is perceived to attain continued growth as more local and foreign companies commit to setting up businesses in the country this year.
The growth is supported by an increase in capital formation or money being poured in for fixed assets, such as equipment and buildings. This growth is seen to continue for the next two to three years.
The Philippines keeps on improving in terms of costs along with other companies, proving its consistent competitiveness.
European-member states are one of the many foreign investors that still consider the Philippines as their top destination in trade. They are interested in setting up business involved in trade, energy, governance, urbanisation and migration.
The administration’s efforts to curb corruption and ease the process of doing business in the country are notable factors in the heightened interest of foreign investors.
Conversely, the Philippine government aims to invite more investors, including those from sectors that have been identified in the Investment Priorities Plan, namely: agriculture or agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; mass housing; iron and steel; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; hospital and medical services; and disaster prevention mitigation and recovery projects.
In line with the country’s expansion plans, the Philippines Economic Zone Authority is making sure that there will be plenty of space for investors to set up business.