The Philippines remains resilient while Southeast Asia stands out as a beacon of growth, SM Investments Corp. vice chairman Teresita Sy-Coson said at the recent Asian Financial Forum in Hong Kong.
Sy-Coson speaks during the Asian Financial
Forum in Hong Kong. AFF Web site
Sy-Coson said the Philippines enjoyed economic growth of 6 percent to 7 percent in the last three years, on the back of robust overseas workers’ remittances, expansion of the business process outsourcing sector and rapid urbanization of the countryside.
Sy-Coson said against a backdrop of global uncertainties and economic slowdown in major parts of the world, Southeast Asia offered opportunities for growth.
“The Philippines remains resilient. A slowdown in the developed economies is unlikely to hold back the development of the country in a major way. Our strong domestic private consumption will help insulate the country from extreme shocks and volatility,” she said.
Remittances from overseas Filipinos and the income from the BPO sector fueled consumption growth and resulted in growth in real estate and domestic tourism, she said.
She said despite the slowing down in agricultural production and of lower public spending, economic growth in the Philippines remained robust, supported by solid domestic demand.
Sy-Coson said further upsides would come from infrastructure spending while the development of ports, toll roads and mass transit systems would facilitate growth of peripheral industries.
She said SM was poised to take advantage of these growth opportunities, being a dominant player in Philippine property, banking and retail.