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Upgrading the countryвЂ™s infrastructure is also seen as a key to boosting productivity and tourism. He explained that the future growth of the countryвЂ™s IT/BPO sector is underpinned by its moving up the value chain, including analytics the opening of new markets in Latin America, Europe, and even within the Philippines identifying niche industries locating regional and global centers in Manila and creating a new wave of BPO cities. Manolito Tayag, AccentureвЂ™s Country Managing Director for the Philippines, projected that the IT/BPO sector will go up from 1 million to 1.3 million employees in 2016. He also cited the substantial growth of the IT/BPO sector, which is expected to generate US$ 25 billion in revenues in 2016 from the current amount of US$ 18 billion. Secretary Domingo enumerated some encouraging developments, including the release of the new Foreign Investment Negative List which features fewer restrictions on foreign investments the impending amendment of the Cabotage Law that will allow foreign vessels to make calls at multiple ports and the European UnionвЂ™s granting of GSP+ status to the Philippines, which gives about 6,000 product lines duty-free access to the European market. Domingo and National Competitiveness Council Co-Chair Guillermo Luz highlighted the PhilippinesвЂ™ steady rise in competitiveness rankings and assured the audience that liberalization and economic reforms will continue.

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Philippine officials and private businesses have pointed to good governance as the main driver of economic growth. The emphasis must be placed on the fiscal space and the governmentвЂ™s ability to spend in terms of investment and infrastructure.вЂќ He adds, however, that вЂњthere is no magic number with regards to any countryвЂ™s debt to GDP ratio. In addition to the Philippines acquiring investment grade in the credit ratings of S&P, MoodyвЂ™s and Fitch, the countryвЂ™s debt to GDP ratio is at its lowest at 45.4% in 2014, from as high as 97.7% in 1986.Д«angko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo further substantiated the Philippines trajectory and he forecasts the debt to GDP ratio to continue its downward trajectory, anticipating a debt to GDP ratio of 0% within the next 10 years. Montecillo, who previously worked for Morgan Stanley in Hong Kong, recounted how private equity clients have now developed a keen interest in the Philippines, with some calling the Philippines their core markets, from demonstrating a very low level of interest in 2000-2007. In fact, many companies are already silently making money,вЂќ Secretary Purisima stated.Д«PI Capital Corporation President Dennis Montecillo agreed with the bullish assessment, saying that there has been a noticeable shift in the demand for foreign private equity. вЂњThe Philippines is not perfect, nor is it completely efficient, but to investors like you, it is an opportunity.

These factors, combined with a competent, hardworking and growing workforce, and a central location in an economically dynamic region, have increased the attractiveness of the Philippines in the eyes of foreign investors. Purisima, who was one of the keynote speakers at the Economic Briefing and Investment Conference held on 26 June 2015 at Goldman Sachs in New York City.Д®ntitled вЂњInvest in the Philippines: AsiaвЂ™s Bright Spot,вЂќ the New York Conference underscored the significant improvements the country has made in terms of macroeconomic governance, promoting transparency, enhancing the ease of doing business, and focusing on infrastructure development. WASHINGTON, DC вЂ“ Investments in people, infrastructure and reforms have transformed the Philippines into a prime destination for foreign capital in recent years, according to Philippine Finance Secretary Cesar V. (Philippine Embassy Photo by Emil Fernandez) while delivering his remarks during arrival and send off ceremony for passengers of Philippine Airlines maiden flight to NewYork in mid-March this year at the John F.

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