On the last quarter of 2012, the Philippine economy grew by 7.1% and garnered the highest growth rate among other Southeast Asian nations.
This growth can be credited to increases in government spending, household consumption, investments by local and foreign firms. From the projected growth of 5 percent on October last year, the World Bank has raised its growth forecasts for the Philippines to 6.2 percent this year making the Philippines one of the fastest growing economies in the region.
Moody’s, Standard & Poor’s (S&P), and Fitch Group have all placed the Philippines a few points shy of investment grade.
The country’s credit rating is expected to be given an upgrade on the first quarter of 2013 and once it has reached investment grade, will be more attractive to investors which will boosts the economy more.
The peso also continues to be strong and will most probably remain as such the rest of the year which, according to financial analysts, makes this a good year to start a business in the country. Food related businesses are believed to be the most profitable and more food kiosks are projected to be more visible all over the metro. Businesses who use automated systems and computer software will find ESET Endpoint Antivirus essential in ensuring that their data are secured.
The numbers do show that the Philippine economy is indeed strong. For the ordinary masses though, this purported economic growth can only be believed when they themselves do experience it firsthand with decent meals and sustainable living. Hopefully, before this year ends, the economic progress will trickle down to the impoverished masses.