Philippines is said to be the next “rising tiger of Asia.” What does it take to be held as Asian economic tiger? It is demonstrated by massive influx of FDI or foreign direct investment, improvement of the manufacturing base, as well as better export economy. To become an Asian tiger, there should be a strong manufacturing base and export driven economy as observed in other Asian tigers like Taiwan and South Korea. International economists see Philippines as the next Asian tiger.
From the past decades, the economic status of the Philippines is on the down side. With the current Aquino administration, the economic status of the Philippines is getting better. The market of its competitors begins to slow down such as the economic status of China. This is actually beneficial for the Philippines knowing that the country has a strong economic fundamental. Filipinos are educated and are proficient in English and these factors have made the Philippines one of the brightest countries in Asia.
The current socioeconomic status of the Philippines showed that the country is roaring ahead. The Aquino administration gives credit to the investors who have entrusted their money and time in the country. With the current labor workforce, skills, and knowledge of the Filipinos, economist believes that there will be a better economic improvement in the coming years.
The country’s gross domestic product has dramatically increased. Economist also observed that the Philippine stock exchange is one of the best performing equities not only in Asia, but around the globe. The property market of the Philippines continues to grow too. It is fueled by the ever rising confidence of the country as well as its low interest rates. Real estate properties are a contributing factor to the ever growing success of the Philippines economy. Real estate companies continue to broaden their projects in the country including office buildings and condominiums.
The value of peso against dollar also increases. The central bank’s foreign exchange reserves showed that peso is in its strongest level. The credit rating of the Philippines is also improving. International debt watchers such as Moody’s Investor Service and Standard & Poor’s observed that the credit rating of the Philippines has never been this good. In the coming years, the country will be able to have ample capital thereby helping its people to be drawn out of poverty. These current developments have made the Philippines worthy of becoming the rising tiger economy of Asia.
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