(2) Philippine Economic Update 2015 & Beyond

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  Economic Update2015 Beyond Joey P. Ledesma, PhDPhilippine Business EnvironmentJanuary 15, 2016  The Country’s Basic Fundamentals ã Consistent Credit Upgrade since 2013 (above the minimum investment grade) ã 50 Million Filipinos reaching working age ã OFW Remittances ã BPO Revenues ã Foreign Tourist Receipts ã GDP Growth Among the fastest in ASEAN & Asia ã Benign Inflation (partly due to low global prices)  External Risks ã US Interest Rate Hikes by the Federal Reserve (expected at +100 basis points each from 2016 to 2018 ã This could lead to interest rate hikes moving borrowing costs upward in the Philippines ã Global/China Economic slowdown ( could lead to a slower Philippine exports to China, the world’s 2 nd biggest economy ã Geopolitical Risks (ISIS, Middle East Tensions, China Territorial Dispute, North Korea  External Risks (Continued) ã Weaker Asian currencies vs. US$ (however, any weakness in the peso exchange rate is mitigated by the continued increase in OFW Remittances ã Election related uncertainties ã Erratic Weather Behavior ã Global economic slowdown could adversely affect demand for OWFs ã Risk of a real estate bubble bursting
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