2012 is turning out to be another good year for the country, as evidenced by the better than expected forecast reports presented by the government during the Economic Briefing at the PICC last March 6. Unbeknownst to many, three of the world’s respected rating organizations such as Fitch, Standard and Poor and Moody’s have recognized the progress that the current administration has so far achieved. As stated by Fitch “The strength of the Philippines’ external balance sheet and favorable growth trajectory support the sovereign credit ratings on the country. Structural strengths of the current account appear sufficiently well entrenched.”
Aside from this positive sampling, the March 6 briefing also highlighted the key investment areas that can further accelerate growth and provide job creation in the country. These champion sectors are agribusiness, BPO, Creative industries, Infrastructure and Tourism.
The banking sector on the other hand was cited for its formidable performance last year, brought forth by the reforms instituted by the Central Bank. It is expected that this sector will continue to post robust yields at it overcomes fiscal challenges (and effects of the global financial crisis) in pursuit of excellence.