Source: AFF website– Ms. Teresita Sy-Coson in session during the Asian Financial Forum in Hong Kong
(26 January 2015. Pasay City, Philippines) The Philippines remains resilient while Southeast Asia stands out as a beacon of growth says SM Investments Corporation (SM) Vice Chairperson Teresita Sy-Coson at the recent Asian Financial Forum held in Hong Kong.
Ms. Sy-Coson said the Philippines continues to enjoy economic growth of between 6% and 7% in the last three years. Main factors supporting this growth are robust overseas workers’ remittances, expansion in business process outsourcing (BPO), and rapid urbanization of the Philippine countryside.
Ms. Teresita Sy-Coson (second from right) at the Asian Financial Forum in Hong Kong; from left are Dr. David Wong, Managing Director, United Overseas Investment Ltd; Mr. Narayana Murthy, Founder of Infosys Limited; and Mr. Tony Tan Caktiong, Jollibee Foods Corporation Founder and Chairman.
Against a backdrop of global uncertainties, and economic slowdown in major parts of the world, Ms. Sy-Coson is optimistic that Southeast Asia offers opportunities for growth.
“The Philippines remains resilient. A slowdown in the developed economies is unlikely to hold back the development of the country in a major way. Our strong domestic private consumption will help insulate the country from extreme shocks and volatility,” Ms. Sy-Coson said.
Remittances from overseas Filipino workers and the income from the BPO sector have fueled consumption growth, and have also resulted in growth in real estate and domestic tourism. Despite the slowing down of agricultural production and lower public spending, economic growth in the Philippines remains robust, supported by solid domestic demand.
She added that further upsides will come from infrastructure spending while the development of ports, toll roads, and mass transit systems will facilitate the growth of peripheral industries.
For its part, SM is poised to take advantage of these growth opportunities, being a dominant player in Philippine property, banking, and retail.
She also said that foreign direct investments can focus on what the Philippines can offer such as the abundance of quality labor, a good educational system that caters to technology and research, and a strong service provider industry and orientation.
For further information, please contact:
Ms. Corazon P. Guidote
Senior Vice President for Investor Relations
SM Investments Corporation
E-mail: cora.guidote@sminvestments.com
Tel. No. 857-0117
Ms. Therese Necio-Ortega
Vice President for Corporate Communications
SM Investments Corporation
E-mail: therese.necio@sminvestments.com
Tel. No. 857-0224