By Kris M. Crismundo
MANILA (PNA) – United States-based think tank IHS Global Insight has listed the Philippines as one of the top ten foreign direct investment (FDI) destinations in Asia.
The Philippines is joined by other Southeast Asian countries which are also projected by IHS to be the FDI hotspots in the region including Indonesia, Vietnam, Myanmar, Malaysia, and Thailand.
IHS also listed China, India, Sri Lanka, and Bangladesh as top FDI destinations in the region.
“A key source of strength for Asia Pacific is the rapidly growing size of the economic region, which now accounts for around one-third of world GDP (gross domestic product) generating strong intra-regional trade and investment flows,” said IHS Chief Economist for Asia Pacific Rajiv Biswas.
Furthermore, IHS study shows that the Philippines will surpass the gross domestic product (GDP) of its ASEAN neighbors such as Malaysia, Thailand, and Vietnam by 2030, with GDP hitting more than USD1 trillion.
“The total size of the Philippines’ economy is projected to grow from USD300 billion in 2016 to USD700 billion by 2025, becoming a trillion dollar economy by 2030,” Biswas noted.
“This will make the Philippines one of the leading emerging markets in Asia,” the IHS economist added. (PNA)