Consumption, Investments Seen To Boost PH Economy

The growth of the Philippine economy will be driven by robust consumption and investments as the country remains one of the fastest-growing emerging markets in Asia-Pacific, a geoeconomics expert said.

Photo Insert: Despite various socioeconomic challenges, consumer and business sentiments on the Philippine economy are said to have improved due to increased opportunities for employment and growth.

Dindo Manhit, president of think tank Stratbase Group and managing director at Bower Group Asia, said during the second Philippine Economic Briefing in Singapore that private consumption buoyed by sustained income growth due to government and private sector investments will be key growth drivers to the growing Philippine economy.

“Robust consumption supported by remittances and improved job opportunities would drive economic growth. Remittances add more capital to the local economy, fostering growth in consumer consumption and investments. Additionally, increased job opportunities would encourage individuals to participate more actively in the economy, raising their income and boosting consumption,” Manhit said.

He joined Philippine economic managers in Singapore as a private sector representative and reactor in a panel discussion.

The government’s economic team included Finance Secretary Benjamin Diokno, Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila Jr., Budget Secretary Amenah Pangandaman and National Economic and Development Authority Secretary Arsenio Balisacan.

“Like never before, the Philippines is more open to business as it harnesses greater productivity, especially in the manufacturing and agro-industry sector. A fully developed manufacturing sector can provide a stable and resilient economy, given its multiplier effect in increasing productivity, creating jobs, providing income, and spurring consumption,” he said.

He added that despite various socioeconomic challenges, consumer and business sentiments on the Philippine economy have improved due to increased opportunities for employment and growth.

“President Marcos has strong political capital and a competent economic team equipped with concrete plans and solutions to address the Philippines’ most pressing concerns. The eight-point socioeconomic agenda addresses the country’s development challenges, while the Philippine Development Plan (PDP) 2023-2028 is intended to steer the economy back to a high-growth path by reinvigorating job creation and sustaining inclusive growth,” Manhit said.

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