Consumption is expected to remain strong, supported by remittances, tamer inflation, and better employment situation. The timely passage of the P4.1-trillion national budget for 2020 will support the government’s drive for higher investments in infrastructure and social services. In turn, this may help encourage the private sector to follow through, particularly by investing more in public-private partnership projects and other capital investments.
The Philippines has become an attractive investment destination with its high quality of labor, strides in ease of doing business, as well as the sheer size of its predominantly young and English- speaking population and of the domestic economy. On labor quality, according to Oxford Economics, the Philippines has the highest total factor productivity (TFP) among Asian countries.