Vince Dizon
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VINCE DIZON: The Philippines has a dynamic and growing young population with a median age of around 24. This is a vital demographic advantage that is underscored by increased government spending in education and health services. The average level of English proficiency is among the highest in Asia. Comparatively, although countries like Vietnam and Thailand have strong manufacturing bases, the language barrier often inhibits them from growing their industries. In addition, the Philippines produces over 600,000 graduates each year, which enriches the professional pool and gives Filipino workers potential to move up the value chain.
The government is committed to regional and inclusive growth and thus strongly supports economic zones. By improving connectivity and regional access through the Build, Build, Build infrastructure programme, the government is able to establish development beyond Metro Manila. Zones like Clark, in Pampanga, offer solutions to congestion in urban centres.
One of these solutions is New Clark City, a 9,450-hectare fully master-planned new metropolis. Accessibility and connectivity are crucial for any economic zone, and Clark can be accessed by air, sea and land infrastructure. A new passenger terminal, scheduled for completion by mid-2020, is being built at Clark International Airport and is the perfect alternative to Ninoy Aquino International Airport for international connections. Alternative infrastructure under construction includes the ManilaClark Railway, the Subic-Clark Railway and the Central Luzon Link Expressway. The Philippine Economic Zone Authority offers fiscal and non-fiscal incentives, including income tax holidays and simplified import-export procedures. Overall, the Philippines is among some of the fastest-growing economies in the world, with GDP growth above 6%, a stable fiscal position, ample foreign exchange reserves and a normalising inflation.
