Philippine Economy Grows by 7.9% in First Half 2010
The Philippine economy grew 7.9% in the first half of 2010. Investors for this period came mostly from the United States, Switzerland, Japan, the Netherlands, Singapore and Hong Kong in the areas of manufacturing, utilities, services, and financial intermediation, real estate, mining, transport and storage sectors.
Latest data from BSP showed that net inflow of foreign portfolio investments to the Philippines increased by 160 per cent, amounting to $701 million in the first seven months of 2010 compared to $265 million in the same period last year.
Meanwhile, Market Call (the joint monthly publication of First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) projects Philippine exports to grow by up to 27% in 2010 following an increase in demand for goods as the global economy begins to rebound.
Exports to East Asia capture the majority of Philippine exports. Data from the National Statistics Office showed that in June 2010, Philippine export merchandise reached $4.5 billion. Singapore ranks as the biggest export market for the country and accounted for 16.5 per cent of the Philippine export revenue.
The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) expects foreign direct investments to soon equal inflows of “hot money” as investors’ confidence grow a result of the country’s improved macroeconomic fundamentals.
BSP Governor Amando Tetangco Jr. also expects that the share of foreign direct investments (FDI) to total inflows of foreign capital (including portfolio investments) to the Philippines could become more significant in the months ahead, especially with the government’s aggressive promotion of its public-private partnership (PPP) program. END
Latest data from BSP showed that net inflow of foreign portfolio investments to the Philippines increased by 160 per cent, amounting to $701 million in the first seven months of 2010 compared to $265 million in the same period last year.
Meanwhile, Market Call (the joint monthly publication of First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) projects Philippine exports to grow by up to 27% in 2010 following an increase in demand for goods as the global economy begins to rebound.
Exports to East Asia capture the majority of Philippine exports. Data from the National Statistics Office showed that in June 2010, Philippine export merchandise reached $4.5 billion. Singapore ranks as the biggest export market for the country and accounted for 16.5 per cent of the Philippine export revenue.
The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) expects foreign direct investments to soon equal inflows of “hot money” as investors’ confidence grow a result of the country’s improved macroeconomic fundamentals.
BSP Governor Amando Tetangco Jr. also expects that the share of foreign direct investments (FDI) to total inflows of foreign capital (including portfolio investments) to the Philippines could become more significant in the months ahead, especially with the government’s aggressive promotion of its public-private partnership (PPP) program. END
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