“Sustained rapid growth will require continued economic reforms to improve the business climate of the Philippines, making it more attractive for foreign direct investment into sectors such as manufacturing and tourism,” said US-based IHS Inc. IHS provides industry data, technical documents, custom software applications, and consulting services.
According to them, “The Philippines’ economy has the capacity for robust long-term economic growth of around 4.5 per cent to 5 per cent per year over the 2017 to 2030 time horizon.”
On the other hand, Department of Foreign Affairs said Friday that “This piece of economic good news comes at the heels of the report that the International Monetary Fund (IMF) had raised its 2016 economic growth forecast for the Philippines to 6.5%, up from its January projection of 6.3%. Standard and Poor’s (S&P) also raised its growth projection for the Philippines to 6.6% for 2016.”
This statement from DFA comes after Compagnie Française d’Assurance pour le Commerce Extérieur (COFACE) cited Philippines as one of the top emerging economy and has the most favorable business climate.
The country’s economy in terms of gross domestic product (GDP) may boost from $280 billion to $680 billion by 2024, and a $1.2 trillion economy by 2030. If current projections will continue, Philippines will be a major Asian tiger from a ‘pussycat’ by 2030.