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Investors are now looking elsewhere to invest as China slows down, said Melvyn Low, Citi Country Head of Association of ASEAN and Singapore Treasury and Trade Solutions, Business World Online reports.

“Our clients are all looking at what they could do in this part of the world… Asia (was) a China story for a very long time… of late, the multinationals (have) started to look elsewhere.”

“Asia became India and then the rest — which primarily is Southeast Asia — that’s why ASEAN has come more into focus,” Mr. Low told reporters in a media roundtable on Thursday.

He noted that ASEAN are giving multinational companies “interesting demographics” with a combined $2.4 trillion gross domestic product, 600 million people.

With the Philippines as a “standout” with an unprecedented growth rate of over 5% in the past years with an English-speaking work force and a consumer-driven economy, according to the report.

“Even if you think it might slow down a bit, 5% plus growth is actually very, very good… China is officially projecting 6.9% growth which in reality could be lower, so the Philippines is coming up to China, while the rest of Southeast Asia is not growing as fast,” Mr. Low said.

“The Philippines is the one standing out as the potential growth area market driven by private consumption…You got a hundred million people and 40 million working population. Large population is good on the consumer perspective and Filipinos do spend, unlike other countries and this is what multinationals want to see,” he added.

“The Philippines has a really, really good story to tell and I think [it] has potential to further grow…. So I cannot imagine any multinational not wanting to be here,” he said

“I like the BPO (business process outsourcing) because you are leveraging on your strength — skilled and English-educated work force,” Mr. Low said. “Human resource is your most valuable asset,” which needs to be “cultivated,” he added.

The Philippines will get the largest share of the expected investments coming to ASEAN, that’s why the country should “play to its strengths” which mainly points to services-related industries,  the Citi executive said. -John Esconde



        • Because they’re relying too much on Bloomberg propaganda.
          What will you do if the whole world saw the Philippines through some of the best I-Witness and Reporter’s Notebook documentaries, complete with subtitles in different foreign languages?

          Oh, I forgot the films made by Lino Brocka and Ishmael Bernal.

          Overoptimistic Pinoy, pweh!

          • Bloomberg is a reliable economic organisation worldwide base their articles with real facts. Not like your i-witness, which can be corrupted by who financed the said documentary.

            Bloomberg speaks about a general situation of an economy. And it’s not only bloomberg who speaks in favor of our economy. Everyone! Unfortunately, you are blinded by your personal hatred to Pnoy.

            If you hate Pnoy, think of our country instead.

          • “Respectable”? Nah-uh-uh! I-Witness, at least, are presented by some of most respected journalists in this part of the world. They knew the real situation of the Philippines that elitist Bloomberg try to hide.

            And I don’t have any respect to anyone who blindly following the spoiled brat from Hacienda Luisita like YOU!

          • Economist knows economy better than you and me. Bloomberg has offices too in our country.

            I don’t need any respect from people who are enemies of progress. I count them as enemies of state.

          • Enemies of the state? You mean “conscience”?

            So in your logic, journalists like Malou Mangahas, Howie Severino, Jay Taruc, Kara David, Sandra Aguinaldo and even Ted Failon are considered enemies of the state because they prefer to expose the awful truth, am I right?

            It’s better for Bloomberg “talking heads” to visit Tondo and Payatas than relying on Makati.

            (Ps: May the ghosts of the farmers killed in Mendiola and Hacienda Luisita haunt your pathetic soul, and Melvyn Low shall watch I-Witness documentaries about poverty and hunger in the Philippines.)

          • Look, our country comes from bare poverty caused by longtime mismanagement and corruption. This administration is trying to reverse that trend, by implementing reforms. We cannot expect immediate results nor see changes overnight. We need patience because it takes time to see the fruits of these said reforms.

            As I always say, there’s no such a perfect administration which can satisfy all the thoughts and needs of 100 million Filipinos.

            This reform minded administration’s tenure is 6 years, which is too short when you compare to 50 years of corruption. We have to continue on this path to totally change the mindset of every Filipino. Only with our help thru unity, we reach total progress.

          • lol. your arguments are so funny. you look at the small picture. look at the bigger one instead. it’s not about a few, its about the nation as a whole, every country has its bad points, if you think our country is messed up, try living in north korea. that might change the way you see things

          • Wanna watch I-Witness documentaries and GetRealPhilippines articles instead of believing in elitist lies. Unhinged “nationalist” (read: Imperial Manila rah-rah-rah idiots)

    • lol, don’t know what say, i guess your right, just wondering why it wasn’t notice before. Filipinos has always been big spenders.
      40 million working population plus 10 million working or living abroad.

  1. Only Imperial Manila oligarchs believe in that news. Are the editors of Manila LiveWire watched I-Witness

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