More foreign investors needed to sustain growth –IHS Markit

Rajiv Biswas, chief Asia Pacific Economist at IHS Markit, said the Philippines needs to attract more foreign investors to sustain the country’s economic growth momentum. To do so, Biswas said the government has to speed up its infrastructure overhaul and offer further incentives. The government also needs dynamic initiatives to make the Philippines more competitive compared to the rest of the region. Biswas added that the Philippines needs to create local jobs and not just rely in the future on foreign worker remittances. He also forecast the economy to growth 6.5% this year and in 2018, partly driven by the outsourcing sector and remittances from overseas Filipinos.