Economy

Economy

Recurrent political turmoil and the high mortgage debt and foreign heads of state had set the country back in development and in comparison to its neighbors. In recent years the country was now on a stable growth path with growth rates averaging 6%.

The difficult year 2009, the Philippines, a good manager. The global financial and economic crisis had hit the export industry of the country and especially the manufacturers of electronic products temporarily hard and had a negative impact on investment. The immediate impact of the global financial crisis on the banking sector, only within limits, however. 2010, the Philippines could achieve the highest with 7.3% growth for more than 20 years. It was worn to a considerable extent by domestic consumption, which is boosted by high remittances from Auslandsfilippinos. By contrast, foreign direct investment has continued to develop satisfactory.
The growth outlook for the coming years is promising. The more optimistic forecasts for 2011 are between 7-8%. Process and outcome of presidential elections in May 2010 have helped to improve the international image of the country. The election of new president "Noynoy" Aquino offers the opportunity for the Philippines its long-standing fundamental problems - overcome step by step and increase foreign direct investment flowing into the country - lack of good governance, high corruption and widespread poverty. In particular, the 100 Special Economic Zones (PEZA called Zones) are judged already by investors as well.