January 10, 2014

Philippines 2014: On Steady Side

Philippines 2014 economic growth is marked by uncertainty.  With global market in downward trajectory, observers are thinking twice if this will significantly affect the country's growth. Yet, there are reasons to be optimistic as Europe and U.S.  show some sign of short term recovery.

Despite the optimism, long term global growth stability is blurred. Thus, this means that there are reasons to be vigilant – and pushed policies that will strengthen domestic employment. Policies that will encourage business in agriculture and manufacturing should be on top list to shield economy from international economic slowdown.

Furthermore, policies that promote lower cost of doing business should be strengthened and implemented; especially policies that promote lower cost of energy. There are signs that government is pushing for lower energy cost; some utility projects have already started. Yet, it is seen when will be the effect of these utility projects be felt. Hopefully these projects will be finished before the year ends because this will be a big help in encouraging investors to do business in the country.

With the current economic position of the country, growth is projected to remain in high levels. Philippine Economist database projects 2014 Gross Domestic Product (GDP) growth at 6.5% - 7%. With stable politics and domestic consumption, growth will remain in the same level as 2013.

Moreover, building construction will remain in high levels. Philippine Economist database projects 26% growth in private building construction market in 2014.


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