Members of the APEC Business Advisory Council (ABAC) regarded the country’s economy as one of the strongest in the Asia Pacific region and expect it to grow between 6–7 percent.
Anthony J.L. Nightingale, one of ABAC members and Director of the Jardine Matheson Holdings Limited, said “It is clear to all of us that the Philipine is one of the strongest economies in APEC.
"Despite the uncertainty in the global economy, the Philippine economy has a very good outcome.
“The country has made tremendous strikes in improving the governance structure as reflected in the GDP growth and its strong fiscal position.”
Nightingale, however, added that even though the Philippines is economically attractive in many ways “more can be done.”
“It has to open up in certain areas, the service and manufacturing sector, for example, to bring in more good benefits (to the country),” he stressed.
For his part, Guillermo Luz, Private Sector Co-Chairman of the National Competitiveness Council, said “after failing its high expectations in 2011, the administration has started to implement corrections and adopt new policies and practices among which; transparency and liberalizing some economic policies.”
“Now, the administration has started to bear fruits and gain more traction,” he added.
ABAC members gathered in Manila recently to outline their work agenda for the year on how to strengthen the region’s economic growth and resilience at a time when the global economy is facing many short and long term challenges.