The Philippines has been the center of attention for the past years as another bright spot for investment amidst shaky global economy. According to a Bloomberg survey last year, the Philippine economy is expected to grow about 6.3% of its GDP which places it second to China’s 7.0% forecasted growth. With optimistic outlook and upcoming plans to harness the country’s full potential, the Philippines is on its ways to become a new global investment destination.
Since President Benigno Aquino assumed office last 2010, the Philippines has been undergoing a major overhaul in improving its image as a promising investment hub. Some of these notable implementations are the programs to fight corruption and improve the government’s fiscal management. The current administration has been bound to prosecute those who have misused government funds regardless of their position in the bureaucracy. Meanwhile, the National Economic Development Authority (NEDA) has devised a Philippine Development Plan (PDP) which aims to create a sustainable economic growth through policy making and execution development plans such as improving industry competitiveness, facilitating infrastructure development, strengthening the financial sector and generating more employment. Infrastructures are being built to meet the growing demands for office and residential spaces as well as paving more farm-to-market roads for more efficient transportation of agricultural products. Upgrades in the education system through the K-12 program is being integrated as the country aims to produce a more competitive workforce. Policies are implemented to ensure that businesses continue to flourish without compromising the inclusive growth that the current administration is advocating for. These programs have gained renewed interest from both local and international investors. In fact, three major credit rating agencies namely: Moody’s, Fitch, and Standard and Poor’s (S&P) have upgraded the countries credit status to