An archipelago of over 7,000 islands, the Philippines is fast becoming one of the most dynamic economies in South East Asia, with increasingly sound economic fundamentals and a globally recognized competitive workforce. The Philippines is well positioned to attract new investments to catalyse further growth.
The priorities set out by the recently elected President Rodrigo Duterte aim to fuel greater growth by setting up economic zones outside of Manila and to reduce restrictions on foreign investments in the Philippines. Areas earmarked for attention include infrastructure, info-communications and agriculture.
The Philippines has in recent years been one of ASEAN's strongest performers, despite slow global growth. Following high growth of above 6% in the past three years, growth slowed down to 5.3% in the first half of 2015 but bounced back in the second half, bringing full year growth to 5.8% in 2015. The implementation of the ASEAN Economic Community's trade commitments is expected to further the country's growth.
Key contributors driving growth include manufacturing, outsourcing, construction and info-communications.