PH to compete with fastest-growing major economies in Asia

MANILA, PHILIPPINES – The country is in a good position to compete with Vietnam and India, the fastest-growing emerging economies in Asia, House Committee on Ways and Means chairman Joey Salceda said. 

“The sense of gloom from some projections does not come from Philippine fundamentals but from expectations of global economic slowdown,” Salceda said in a statement. 

“I’m much more confident about the Philippine outlook. I think we will see inflation ease next year, and the jobs numbers, which now exceed pre-pandemic levels, inspire some confidence,” he stressed.

The lawmaker said he particularly sees signs that the country’s private sector is “starting to accumulate economic muscle.”

“The most recent official manufacturing numbers showed that the fastest growth rate was in manufacture of machinery and equipment except electrical. The sector posted the highest annual growth rate of 76.4 percent in October 2022. That tells you that more businesses are preparing to make more things,” he said.

He also said that the government must focus on being an attractive destination for outsourcing compared to India and Vietnam. 

The Philippines, he noted, is “playing defense” in the BPO sector competition.