Philippine economy to perform well says Fitch

Fitch_RatingsCredit rating agency Fitch Ratings expects robust performance from Philippine economy in 2019 and 2020, with GDP growth of 6.7% in each year, its managing director and chief operating officer said. Fitch’s Tony Stringer added the country is one of the fastest growing in the Asia Pacific region and highlighted domestic demand supported by rising expenditure under the government’s public investment programme as one of the key drivers of growth. Foreign Direct Investment (FDI) data points to positive investor sentiment of late, but “a relatively weak business environment could pose a risk to attracting higher levels of FDI,” warned Stringer. Philippine President Rodrigo Duterte recently gave the green light for 100% foreign investment participation in five areas. These are: internet businesses, teaching at higher education levels (provided the subject taught is not included in a government board or bar examination), training centers engaged in short-term high-level skills development that do not form part of the formal education system, insurance adjustment companies, lending companies, financing companies and investment houses, and wellness centers. Budget Secretary Benjamin Diokno is hopeful the $10 billion record set in 2017 for foreign investment net inflow will be broken this year. He noted that while there is a global decline in FDI, the Philippines is experiencing an uptick. ©2018 funds global asia

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