The economic picture looks good
By BETH DAY ROMULO
May 31, 2011
Manila Bulletin
MANILA, Philippines — The latest ratings released by Standard & Poor’s international rating service views the Philippines economic outlook as “stable.” Better yet, the World Bank has listed the Philippines as one of the countries worldwide with the “highest growth potential.”
And the fact that the Philippines is no longer listed by the OECD (Organization for Economic Cooperation and Development) as a country that offers safe haven for tax evaders and money launders encourages foreign investment.
The most active sites for foreign of investment have been the former US military bases at Clark and Subic Bay.
The former Clark Air Force Base is the home to the US chipmaker Texas Instruments which set up shop there in 2009, and Korea’s Samsung Industries which came in last year. The Japanese tire maker Yokohama which has been at Clark since 1996 has announced plans for expansion this year.
At Subic Bay, South Korea’s giant Hanjin Heavy Industries has built one of the largest shipyards in the world and already delivered 20 ships since it came in five years ago.
The port at Subic is now second only to Manila in volume of cargo, and revenue collections hit two billion pesos in the first quarter of this year. The Subic Bay Freeport has become a bustling hub for regional budget airlines and cargo ships. It is also developing as a tourist attraction with its sandy beaches and rainforests.
The Asian Development Bank recently released a report on the roll-on-roll-off (RoRo) projects introduced during the Arroyo administration which have provided local employment at ports throughout the country and also stimulated the economy through the “nautical highway” which connects the major islands of the archipelago.
In the Metro Manila area, the business process outsourcing firm Accenture has opened a new 9-floor facility at Global One Center in Quezon City, and expects to add another 5,000 employees to its work force.
Last year, the Foreign Joint Chambers of Commerce listed seven potential areas of investment in the Philippines: Agriculture, business process outsourcing (BPO), creative industries, manufacturing, infrastructure, mining, and tourism. Of the seven, five are doing well, but two – mining and agriculture – received no fresh investments last year. This year, there has been some activity in the mining sector but agricultural businesses still fail to attract investment.
In an attempt to rectify this situation, the Department of Agriculture (DA) decided to conduct a census of food producers and fishermen in 80 provinces to determine this sector’s “gaps and vulnerabilities.” This is the first time such a study has been made.
Currently, the census taking, which is being conducted by DA regional officers who interview farmers and fishermean, has finished the Southern Luzon area and is now working in Quezon province. The national survey is expected to be completed by 2014 and will provide a database which will give a detailed picture of what policies proved effective and what needs yet to be done to improve production.
The most active sites for foreign of investment have been the former US military bases at Clark and Subic Bay.
The former Clark Air Force Base is the home to the US chipmaker Texas Instruments which set up shop there in 2009, and Korea’s Samsung Industries which came in last year. The Japanese tire maker Yokohama which has been at Clark since 1996 has announced plans for expansion this year.
At Subic Bay, South Korea’s giant Hanjin Heavy Industries has built one of the largest shipyards in the world and already delivered 20 ships since it came in five years ago.
The port at Subic is now second only to Manila in volume of cargo, and revenue collections hit two billion pesos in the first quarter of this year. The Subic Bay Freeport has become a bustling hub for regional budget airlines and cargo ships. It is also developing as a tourist attraction with its sandy beaches and rainforests.
The Asian Development Bank recently released a report on the roll-on-roll-off (RoRo) projects introduced during the Arroyo administration which have provided local employment at ports throughout the country and also stimulated the economy through the “nautical highway” which connects the major islands of the archipelago.
In the Metro Manila area, the business process outsourcing firm Accenture has opened a new 9-floor facility at Global One Center in Quezon City, and expects to add another 5,000 employees to its work force.
Last year, the Foreign Joint Chambers of Commerce listed seven potential areas of investment in the Philippines: Agriculture, business process outsourcing (BPO), creative industries, manufacturing, infrastructure, mining, and tourism. Of the seven, five are doing well, but two – mining and agriculture – received no fresh investments last year. This year, there has been some activity in the mining sector but agricultural businesses still fail to attract investment.
In an attempt to rectify this situation, the Department of Agriculture (DA) decided to conduct a census of food producers and fishermen in 80 provinces to determine this sector’s “gaps and vulnerabilities.” This is the first time such a study has been made.
Currently, the census taking, which is being conducted by DA regional officers who interview farmers and fishermean, has finished the Southern Luzon area and is now working in Quezon province. The national survey is expected to be completed by 2014 and will provide a database which will give a detailed picture of what policies proved effective and what needs yet to be done to improve production.
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