WEF to boost economy – BSP

MANILA, Philippines - The Philippines expects to attract more investments and tourists as well as expanded trade activities following the holding of the World Economic Forum in the country this week, Bangko Sentral ng Pilipinas Governor Amando Tetangco said.

In an e-mail to The STAR, Tetangco said the forum will be a big opportunity to showcase the recent gains of the country and attract more investors to further strengthen the economy.

“We expect that through the WEF, our profile as an investment destination will be raised further. We expect investments, tourist arrivals, trade will increase,” Tetangco said.

“The upcoming WEF is expected to be an opportunity to showcase the Philippines as an investment destination in partnership with the private sector of the region. The WEF as an independent international organization helps raise the credibility of this endeavor,” he said.

Secretary Herminio Coloma Jr. of the Presidential Communications Operations Office, said the holding of the WEF in the country is a clear proof of the Philippines’ strong economic fundamentals resulting from the government’s efforts to initiate reforms.  

The country will be hosting this year’s WEF on East Asia from May 21 to 23 at the Shangri-La Hotel in Makati. President Aquino will be opening the event along with Vietnam’s Prime Minister Nguyen Tan Dung, Indonesia’s President Susilo Bambang Yudhoyono and Myanmar’s Vice President Nyan Tun.

“Through the various activities during the WEF, the government hopes to be able to highlight the gains we have achieved so far – in particular, the resilience of the economy throughout the GFC (global financial crisis) and despite the natural and man-made calamities. We hope to be able to highlight that this growth was sustained in a low inflation environment,” Tetangco recounted.

“We hope to create a strong impression upon the participants in the WEF that the Philippines, through all the structural reforms we have put in place, through its  strong governance emphasis, fiscal consolidation and continued steady hand on monetary and financial system conditions, is able to continue to hold its own in the very competitive arena that is East Asia,” he added.

The Philippines, despite being hit by Super Typhoon Yolanda in November last year, grew its economy by 6.5 percent in the fourth quarter, the eighth consecutive quarter the country saw an above-six-percent expansion. This brought last year’s growth to 7.2 percent, faster than the government’s six to seven percent target.

The fourth quarter growth also marked the 60th consecutive quarter the Philippine economy has recorded a positive growth, reflecting its resiliency against external shocks.