SINGAPORE – According to Victor Andres “Dindo” Manhit, a political analyst and geoeconomics expert, strong consumption and investments will be the driving forces behind Philippine economic growth. Manhit, who is the CEO of Stratbase Group and the managing director of Bower Group Asia, made this statement during the second Philippine Economic Briefing in Singapore. The event focused on the theme “Unfolding New Chapters in the Philippines’ Growth Story”. Manhit participated as the private sector representative and served as a reactor in a panel discussion. Singapore is a major contributor to the Philippines’ foreign direct investments.
In his speech, Manhit highlighted that the Philippines is among the fastest-growing emerging markets and is projected to achieve a GDP growth rate of 7.6 percent by 2022. Furthermore, he predicted that the country’s GDP will reach $1 trillion by 2033. Manhit stated that the Philippines has a large consumer base of over 110 million people, who are young, skilled, and educated. He believes that sustained income growth from government and private sector investments will drive private consumption and contribute to the country’s economic growth.
Manhit emphasized the Philippines’ openness to business, particularly in the manufacturing and agro-industry sectors. He stated that a fully developed manufacturing sector can provide a stable and resilient economy by increasing productivity, creating jobs, generating income, and stimulating consumption.
In his address to Singapore-based business leaders, bankers, and investors, Manhit acknowledged that despite socioeconomic challenges, consumer and business sentiments towards the Philippine economy have improved due to increased opportunities for employment and growth. He expressed confidence in the economic plans and solutions presented by President Marcos Jr.’s competent economic team. Manhit also highlighted the government’s 8-point socioeconomic agenda and the Philippine Development Plan (PDP) 2023-2028 as strategies to address the country’s development challenges and promote inclusive growth.
Manhit highlighted the role of remittances in driving economic growth and injecting capital into the economy, which in turn fuels consumer consumption. He also cited positive developments in Philippine legislation, diplomatic engagements, and political improvements as reasons for optimism in the future.
The Philippine Economic Briefing in Singapore was attended by key Philippine economic managers, including Finance Secretary Benjamin Diokno, Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila Jr., Budget Secretary Amenah Pangandaman, and National Economic and Development Authority Secretary Arsenio Balisacan. Diokno discussed the country’s economic performance and economic liberalization reforms, while Balisacan focused on infrastructure investment and development opportunities. Pangandaman presented priority expenditures supporting the Philippine Development Plan, and Dakila discussed the performance and outlook of the monetary, external, and financial sectors.
Overall, the event highlighted the Philippines’ economic growth potential and its commitment to creating a conducive environment for foreign investments and business opportunities.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
