Analyst says FDIs, consumption will drive PH growth

SINGAPORE—A political and geoeconomics analyst on Thursday said here that robust consumption and investments will drive the Philippine economic growth.

Stratbase Group chief executive officer and Bower Group Asia’s managing director Prof. Victor Andres Manhit made the statement during the second Philippine economic briefing here, with the theme “Unfolding New Chapters in the Philippines’ Growth Story”.

Manhit joined Philippine economic managers in Singapore as the private sector representative and as a reactor in a panel discussion. Singapore is one of the Philippines’ top sources of foreign direct investments (FDIs).

In his speech, Manhit noted that in 2022, the Philippines was one of the fastest growing emerging markets with a gross domestic product (GDP) growth rate of 7.6 percent. He said the country’s GDP was projected to reach $1 trillion by 2033.

“Philippines has a huge consumer base of over 110 million and a population that is young, skilled, and educated. Private consumption buoyed by sustained income growth due to government and private sector investments will be key growth drivers to the growing Philippine economy,” Manhit said.

“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 added.