The Philippines has been on the world map for its beautiful beaches and hospitality culture. While the country’s political landscape continues to be a subject of debate, a resilient economy continues to be one of its best attributes this year.
Ranking Number One Globally
The country now sits atop the rankings of the best countries to invest in. As the 13th most populous nation and home to more than 100 million people, the Philippines has a diverse landscape. Every year, the Philippine economy sees the entry of billions of dollars thanks to the number of Filipinos working or living overseas. Aside from the tourism industry, these remittances have resulted in a budget surplus. As the country’s economic performance continues to impress, it has surpassed other developed countries like Australia, France Singapore and the United Kingdom, and is now on top of the US News & World Report rankings, a listing completed in partnership with the Wharton School of Business and Y&R’s BAV Group.
In addition, the Philippine government is looking to tap the digital technology to possibly seal the country’s growing reputation as the best investment site in the world. “This is a country with a large headroom for growth and a talented and eager population ready to meet the challenges of the new global economy. Asia is now the center of gravity of the global economy and the Philippines is now a leading engine of that regional growth,” said Finance Secretary Carlos Dominguez III in a release from the Department of Finance.
More importantly, Dominguez said the young and skilled workforce in the country can also be considered as among the factors for growth. Previously in 2017, the Philippines already ranked as one of Asia’s fastest-growing economies together with India, Vietnam and China. According to expectations, the country’s economic growth can go up as high as seven percent or even more provided the presence of sound policy reforms as well as “an aggressive infrastructure program that will promote economic inclusion and competitiveness.” Other initiatives that the government is working on include reducing restrictions on business ownership, creating simpler revenue policies, modernizing tax incentives and ensuring that business start-ups get a level playing field on the get-go.
The Philippines has untapped markets ready for technology and businesses to explore. In fact, according to the estimated size of the Philippine market around 99 percent of payment transactions are still in cash and check. Additionally, around 2.5 billion of payments are being processed monthly that amount to USD 74 billion. The government has expressed eagerness to change the situation, which leaves a big room to explore on how to digitalize the country and to provide more convenient means for the people. Pearl Pay will be taking this chance to push the Philippines forward as not just the best investment site in the world but a country with a robust digital and blockchain ecosystem.