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Philippine capital investment surge is leaving its neighboring countries in Southeast Asia behind
This years first nine months shows net physical assets in the Philippines growth of 10.4 % from the previous year. A big leap compared with Malaysia's 6.9 % increase and Indonesia's 5.8% percent gain.
Philippine government expenditures jumped 28 percent in October, the largest leap in almost a year, with new record budget planned for 2018. Private companies are also joining in: Metro Pacific Investments Corp. plans to invest as much as $16 billion through 2022 on road, water, and power projects, while Ayala Land Inc. is boosting capital spending to a record $2 billion next year.
President Rodrigo Duterte is building new railroads and highways across the archipelago in a $180 billion infrastructure program. The boost in investment adds another engine to the economy, paving a way for growth exceeding 6% and among the world’s best performers for six consecutive years.
President Rodrigo Duterte is building new railroads and highways across the archipelago in a $180 billion infrastructure program. The boost in investment adds another engine to the economy, paving a way for growth exceeding 6% and among the world’s best performers for six consecutive years.
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After being left behind for decades, the Philippines is now significantly catching up and doing well. Now its growth in net physical assets is the fastest in Southeast Asia even twice faster than Malaysia according to World Bank.
President Duterte is on its way to bringing the Philippines into an upper-middle income country by the end of his term in 2022, and the cornerstone of his vision is a plan referred to as “Build, Build, Build”. It includes the capital’s first subway and a 653-kilometer railway to the south.
President Duterte is on its way to bringing the Philippines into an upper-middle income country by the end of his term in 2022, and the cornerstone of his vision is a plan referred to as “Build, Build, Build”. It includes the capital’s first subway and a 653-kilometer railway to the south.
Source: Bloomberg
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