Political chaos must stop; major investments are waiting in the wings

As I write this column from Washington, D.C., one thing is abundantly clear: there is strong and growing interest in the Philippines from global investors, business leaders and strategic partners who continue to see our country as one of Asia’s most promising emerging economies.

- AMBASSADOR B. ROMUALDEZ

The Philippines remains attractive for many reasons. Our demographics are favorable. Our consumer market is vibrant. Our workforce is young, highly skilled, English-speaking and globally competitive. Our geographic location is strategic, which is a distinct advantage as global supply chains continue shifting across the Indo-Pacific.

A few days ago, the Department of Economy, Planning and Development or DEPDev (formerly the National Economic and Development Authority or NEDA) announced that the Philippines has officially entered the World Bank’s Upper-Middle Income Country (UMIC) status — a “historic milestone that is driven by sustained growth, sound macroeconomic management and long-term structural reforms.”

Every July 1, the World Bank’s Development Data Group updates the classifications according to gross national income (GNI) per capita estimates from the previous year. And in the new country income classifications released by the World Bank last Wednesday, the Philippines’ GNI per capita was at $4,850, exceeding the UMIC threshold of $4,636.

According to the global financial institution, “The Philippines achieved its reclassification through broad-based expansion. GDP grew at an average of 5.8 percent per year over five years, reflecting gains across all major industries, not a single sector boom, but an economy-wide shift.”

Over the past several months, I have been in communication with numerous business leaders and investors from the United States, Japan, South Korea, Europe and our ASEAN neighbors. Many are seriously looking at the Philippines for major investments in infrastructure, digital technology, energy, manufacturing, logistics, agribusiness and even defense-related industries.