THE Philippine economy stands to benefit largely from the upcoming integration of the Association of Southeast Asian Nations (Asean) which is seen to expand in terms of population, organization and middle class segment by 2020, the head of Citibank Philippines said on Wednesday.
“Despite the current microeconomic environment, Asean is still expected to show positive growth,” Aftab Ahmed, CEO and Citi country officer of Citibank Philippines,” said. In 2015-2016, it is projected to grow by about 4.3 percent,” said
In a speech at The Manila Times 4th Business Forum, held at Marriott Hotel Manila, in Pasay City, Ahmed said Asean’s demographics will continue to drive long-term growth, with its population projected to grow from 630 million to 699 million in 2020.
He added that the “organization” or financial companies will also continue to grow from about 46 percent to 57 percent by 2020, while the middle class segment of the region’s total population will grow from 190 million to 400 million by 2020 to 2030.
This, he said, will result to $2 trillion worth of financial transactions in the region, translating to 40 million new jobs.
With this, Ahmed said opportunities for the Philippines are very rich, noting that by 2020, the country’s population is projected to grow by 1.7 percent, organization may grow 2.1 percent, and middle class will expand by 2.4 percent.
This means that these development will open a wide range of opportunities for sectors that cater to these areas such as real estate, transport, logistics and tourism, among others. MAYVELIN CARABALLO