The Philippines is a “sure bet” in terms of investment in Asia because of its growing infrastructure sector, Union Bank of the Philippines (UnionBank) President and CEO Edwin Bautista said on Monday.
“If you want to bet in a country, I think the Philippines is a sure bet,” Bautista said during the Philippines Investment Forum at Shangri-la at the Fort in Taguig City. “There has been a lot of investment in the last few years.”
He noted the country’s increasing gross domestic product (GDP), wherein “the strongest component there is domestic consumption,” and its young and fast-growing population.
He said the government has embarked on its “Build Build Build” program, which aims to make the Duterte administration the so-called Golden Age of Infrastructure.
“There’s still a lot of room to grow,” Bautista said, noting that the government has been supportive of micro, small and medium enterprises (MSMEs).
The Department of Trade and Industry (DTI) offers loans to MSMEs, whose products are showcased for free through its Go Negosyo.
Argosy Partners co-founder Aloysius Colayco backed up Bautista’s statement by saying the country is a young, yet rapidly growing economy.
“Out of all of the Asian countries, we are one of the youngest. We are now teenagers,” Colayco said.
“One good thing about the Philippine economy is [that]there is increasing cooperation between big companies and small ones supported by the government,” he added.
Asian Development Bank (ADB) Philippines Country Director Richard Bolt said the country will lead Thailand soon, due to more investments in the country.
“Investment has become the key drivers of the economy…We will now overtake Thailand very soon,” he said.