This week comes with much news about businesses that are taking another look at the Philippines. Now with the PH armed with investment grade status’ from many of the worlds credit rating firms, we’re seeing a lot more optimism from companies world wide.
THE DIPLOMAT – Philippines Increasingly Attractive to Investors
It was back at the beginning of the summer that Pacific Money drew attention to the upgrade of the Philippines’ credit rating by Standard & Poor’s (S&P). Coming as it did less than two months after Fitch’s upgrade of the country to “investment” grade (IG), it seemed like there would not be a long wait until the third major ratings agency, Moody’s, finished off the “triple.”
Since then, strong GDP figures for the first quarter and a China-matching 7.5% for the second came out of Manila, but celebrations were tempered somewhat by worries that the “risk off” behaviour of markets in the atmosphere of paranoia surrounding the Fed’s taper would eventually affect the country.
ABS-CBN NEWS – Why Rolls-Royce CEO is so bullish about the Philippines
“For us, it is definitely an important market otherwise, we wouldn’t have entered this market. I have clearly projections that business should grow here in the years to come and that the Philippines plays a substantial part in our Asian strategy,” he said.
He said the Philippine economy’s “extraordinary” growth was one of the reasons why they finally decided to enter the market.
ABS-CBN NEWS – More Japanese firms seen moving from China to PH
CBRE Philippines chairman Rick Santos said there’s a resurgence of the industrial sector in the Philippines, with more manufacturing companies coming in.
“We’ve seen a lot of Japanese companies coming back in. I think Japanese companies are not happy with the way they’ve been treated in China, I think the Japanese also had some challenges with China like sovereignty issues, with regards to taking away some islands, similar to our own situation with Scarborough Shoal and Mischief Reef. What we’re seeing now is more groups coming to the Philippines for manufacturing,” he said in a briefing in Makati City on Tuesday.