Phl economy fastest growing in region — WEF president

World Economic Forum (WEF) President Borge Brende said the Philippine economy has remained resilient as global investors continued to show interest in investing in the country.

In a press briefing, Brende emphasized the remarkable growth trajectory of the Philippine economy as he underscored the country's status as the fastest-growing economy in the region.

"The economy here has really shown how resilient it is. We are seeing a lot of global business interest in the Philippines. It's now the fastest-growing economy in the region," Brende said.

Brende highlighted the increasing influx of investments and foreign direct investment (FDI) interest in the Philippines, despite FDI levels being relatively lower compared to neighboring countries.

He emphasized the necessity for sustained reforms to unlock the country's full economic potential, envisioning a $2 trillion US dollar economy in the coming decade.

"We are very bullish on the Philippines provided that reforms do continue," Brende said.

"If there are better investments in education, infrastructure, and tapping into the great competence of the Filipino people, this can be a $2 trillion US dollar economy," he added.

Acknowledging the paradigm shift towards a knowledge-based economy, Brende stressed the importance of investing in education and technology to drive productivity gains.

He expressed confidence in the Philippines' ability to capitalize on international interest and diversify its economy, particularly in the manufacturing sector.

"There are geopolitical challenges in the region, but they also present opportunities for increased investment, especially in manufacturing," Brende explained. "Diversification of supply chains offers potential for the Philippines to attract more investment."

Furthermore, Brende commended the Philippines' stable fiscal and monetary policies, as well as efforts to streamline bureaucratic processes to facilitate investment.

He also highlighted the country's renewable energy potential as a key area for future growth, emphasizing the competitiveness and independence offered by renewable energy sources.

"The feedback from participants has been overwhelmingly positive, indicating a growing appetite for investing in the Philippines," Brende concluded.

In conclusion, the WEF President's remarks underscored the Philippines' emergence as a favored investment destination, fueled by its resilient economy, strategic reforms, and abundant opportunities for growth.