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A new report has placed the Philippines at the top of a list of countries great to invest in for 2018. A US media agency ranked the world’s countries based on what makes them unique, using a bank of business decision makers to score each country in terms of their potential. The Philippines scored highest of all, beating the likes of Malaysia and Singapore to be crowned the Best Country to Invest in 2018.
Earlier this year, American media business, US News, and World Report, ranked the world’s countries in terms of their investment potential going forward. Using the opinions of global business leaders numbering more than 6,000 in total, they investigated the potential for investment in around 80 nations.
As part of the report, they looked at some key values. These were: entrepreneurship, tax environment, skilled labor, innovation, dynamism, technological expertise, and corruption. And which Asian country do you think came out the top of the list? Perhaps Malaysia, with its burgeoning technology scene and pro-business government? Or maybe it was Singapore, the westernized cousin of south-east Asia?
In actual fact, it was neither. The number one country for investment potential was in fact right here, the Philippines. Cited as being outstanding for its ‘resilient economy’, the report highlighted our ability to push ahead of others in the region, making continual improvements and aiming high.
The full list of the best countries to invest in was:
The Philippines beat off the competition from the likes of Australia, Thailand, Vietnam and the UK to take the top spot for this year. This represents a significant change from last year when our country languished at number 13 while Malaysia and Singapore topped the list.
And it’s not just US News and World Report which thinks we’re doing something right either. According to the World Bank, the Philippines was one of the top three growth performers in Asia during 2017. Our expanding economy, which grew by 6.7 percent over the year, was only eclipsed by China and Vietnam. With China weighing in at a growth rate of 6.9 percent, it’s clear to see that our economy is rapidly catching up with the land of the Red Dragon.
So, what’s changed? Well, according to the report, it’s firstly about our dynamic and proud young people, who are committed to their education, their ambitions, and their happiness. Secondly, our economy is flooded with ‘billions of dollars’, so the report says, from overseas Filipino workers (OFW). It also noted the country’s flourishing tourism industry.
If the Philippines is ready for investment, who is it we’re hoping will invest? Foreign billionaires buying up land to develop, perhaps? Or are we talking about other nations sinking bucketloads of cash into our infrastructure and development? Both of these come with high levels of risk, both for our own economy and for their investment, so ideally, we’re looking for some speculation a little closer to home.
Filipinos, and particularly OFW, are starting to become more cash-rich than ever before. Although they may be short of assets, working Filipinos are keen to hold onto their earnings, saving up for the things that matter most. However, with interest rates at rock bottom right now, leaving the money in the bank is not always the best strategy.
Whether you’re an OFW or a local with a nest egg you’d like to see grow, here are some top ideas for investment right here in the Philippines.
There are many other opportunities for growing your nest egg here in the Philippines. Investing now, as our economy is really taking off, is a wonderful opportunity for both younger people just starting out, as well as for older workers looking to save for their retirement. Always seek advice before investing in anything and be aware that you can lose as well as make money with many of these schemes.