The Philippines is one of the developing countries in South East Asia. The country is well-known by some investors because of easy investment and economic growth. Some of investment opportunities Philippines always achieved their goal as mentioned by Asia Development Bank outlook.
Economy Growth in the Philippines
ADB and government of the Philippines have projected that the country will grow more than 4% from its GDP. The country has set up that by 2021, it grows as planned for 6-7 percent. However, the pandemic had changed the projection and it was only about 4.2 percent.
During the pandemic which has been the Philippines’ downfall, the economy was affected by several lockdowns. The government put their effort to accomplish their goal by maintaining many sustainable sectors. Hence, the economy will gradually move to the better level by the end of 2021.
Amidst uncertainties which has been experienced globally, the Philippines is confident that they country will find their ground back. Though the risk is still lingering, the nation keeps their own projection for the upcoming year bot domestic and global scale.
Investment Opportunities Philippines
The most important sector nationwide is manufacturing. Most of the manufacturers are for food and chemical as the largest contribution to the country. Compared to other sectors, manufacturing grows well, adds value, generates employment, and encourages innovation.
Besides manufacturing, another sector that increases the Philippines economy is automotive. Philippines market research shows that this sector is highly competitive. Even during the pandemic, automotive still thrives well compared to other sector.
The big opportunity to invest is construction. The Philippines is still developing and restructuring on a nationwide scale. Infrastructure becomes nation’s top priority to strengthen the economy’s growth. The government also supports the idea of sustainable construction though it’s pretty expensive.
Chemical is also a big sector to consider by the investors. The contribution of this sector is very impressive that becomes the basic resource more than real estate. The Philippines doesn’t only serve the need domestically but also globally since it’s reliable, modern and affordable.
Investment Risks During Pandemic
The situation in the Philippines is affected by pandemic. By the time the case of COVID-19 increased, the nationwide tried hard to make sure that the population is protected by maximum safety and maintain the economy growth keeps stagnant at the previous level.
Multi-layered challenges in the Philippines are inevitable. The COVID-19 stops many sectors during partial lockdowns that happened more than once. The uncertainties make some people refrain themselves from spending.
After the vaccination is managed for the population, the Philippines gradually awakes. Its economy growth is getting better by sustainable strategy. The market is still competitive, especially e-commerce. The adjustment for consumer spending happens faster than expected as solution.
To assist the recovery smoothly, the government plans to accommodate some policies such as fiscal and monetary. It will improve and strengthen the foundation for some basic sectors such as tourism and agriculture.
Considering the investment opportunities Philippines must be based on practical experience. There are many insights to look out for so the strategy and challenge are ready to face some market dynamics. Count on the uncertainty to minimize the blank spot in the market.