British officials and other foreign executives lauded the Philippines’ economic team after the country released the official 2022 full-year GDP growth rate of 7.6 percent.
Over 200 business and financial executives who were present in Philippine Economic Briefings held to update foreign investors on the Philippine economy and investment opportunities were apparently impressed by Philippine economic performance last year.
Briefings were held by the country’s economic ministers, including Department of Finance Secretary Benjamin Diokno, National Economic and Development Authority Secretary Arsenio Balisacan, Bangko Sentral ng Pilipinas Felipe Medalla, and Department of Budget and Management Secretary Amenah Pangandaman in Frankfurt, Germany on 23 January 2023 and Broadgate, London on 26 January.
Standard Chartered Bank’s Global Head of Global Subsidiaries and Head of UK Client Coverage, Saif Malik, commended the Philippine economic team “on its fabulous growth rate, with what we’ve gone through (globally), that is a real standout.”
Malik also said that the “Philippines is positioned as one of the prime destinations for international investments” because of its “sound credit profile, stable financial system, and a strong economic recovery and reform momentum. We, ourselves as a bank, will be opening our global business services center in the Philippines very soon.”
Bright growth prospects
UBS Group Treasurer, UK chief executive, and chief transformation officer Bea Martin said that “growth prospects are very bright in the Philippines. This country is expected to grow 7 to 8 percent over the medium- to long-term (and) outperform peers in the region.”
Despite global inflationary pressures that led to rapid monetary tightening in many countries, “the Philippines has been one of the most dynamic economies in Asia Pacific where solid macroeconomic fundamentals reinforced by several reforms enabled (the country to) withstand most of the headwinds,” Martin added.
Meanwhile, Member of Parliament for Gloucester and the Prime Minister’s Trade Envoy to the Philippines Richard Graham highlighted sectors where the Philippines and the UK can do more work together. These include renewable energy, science and research, health innovation and trade. “These are the economic partnerships we intend to enhance,” Graham added.
Priority country for British investment
Speaking on behalf of the British government, Deputy Ambassador to the Philippines Alastair White relayed that the country “has been identified as a priority country for the British investment partnerships… to drive UK investment in the Philippines.”
