A recent survey by ING, a global financial services group, reveals that local investor confidence in the Philippine economy is the highest among Southeast Asian Countries and the second highest among Pan-Asian countries.
And this despite the continued slowdown of the US Economy and also European Economies.
A key factor sited that this is due to a healthy local economy.
ING says, “The Philippines, along with many emerging market economies, is increasingly becoming more resilient to external developments. Record-high OFW (overseas Filipino worker) remittances and the strengthening of the peso against the US dollar have made a strong case for consumption-driven growth,” ING said.
Once again OFWs are helping the country by having dollars earned abroad get spent locally thereby also helping local businesses.
ING Official Website: http://www.ing.com News Originally Reported at Business World Online (http://www.bworldonline.com/main/content.php?id=19775)
