“It’s more fun in the Philippines” goes the government slogan, encouraging tourists to visit the country, including overseas Filipino workers (OFWs) and Filipinos who have assumed foreign citizenship.
The slogan is not an empty come-on. Visitors to key cities of the Philippines could before only see a vast expanse of blue skies and a few tall buildings here and there. Now they find infrastructure developments in Metro Manila. From the Ninoy Aquino International Airport (NAIA), they can see the skyline has undergone welcome changes. Tall condominium buildings in Manila, Caloocan, Makati, and Pasay heave into view.
“These condominium buildings have been sprouting like mushrooms over the past several years,” said Princess Rowena Espino, sales consultant at Amaia Land Corp.
The construction of these buildings is not slowing down. Large developers are rushing to start projects as their sales agents compete in distributing brochures to prospective customers. These projects include the ultra-modern Mall of Asia in Pasay City, Glorietta Mall in Makati and Eastwood, Gateway and TriNoma in Quezon City.
“There’s a boom in the construction of condominium buildings,” said Ishy Arellano, a sales consultant who is dealing in upscale condominium units of Serendra Two in Taguig City.
Observers claim that proliferation of condominium buildings shows the confidence of investors in the economy, which grew by 5.9 percent during the second quarter, third behind China (7.8 percent) and second behind Indonesia (6.4 percent) in Asia.
During the first quarter, the Philippines posted a 6.4 percent growth, the biggest in Asia. According to a study released by Knight Frank and Citi Private Bank, the Philippines is expected to be among the fastest growing economies between 2010 and 2050.
In the 2012 Wealth Report, the Philippines is forecast to post a gross domestic product (GDP) growth of 7.3 percent during the period, making it the 6th fastest growing economy in the world.
Various countries have changed their mind about the Philippines, which used to be an economic laggard in the region. They have noticed the effective way President Benigno “Noynoy” Aquino III has shown in handling the economy.
As a result, economists are upbeat that rating agencies in the Philippines will grant the rating they have been seeking to dispel doubts of foreign investors regarding the security of their capital infusion in the Philippines.
Fitch Ratings granted BB+ for the Philippine economy with “stable outlook” in June, adding that the country had a good chance to be granted “investment grade.
“We’re expecting a stepped-up investment in the Philippines in 2012, so that the GDP would further grow for the whole year,” Fitch Ratings said.
What further bolsters the government claim that it’s more fun in the Philippines is that the key cities of Caloocan, Manila, Makati, and Quezon City have been connected by trains.
A Light Railway Transit (LRT) that opened in 1984, the country's first, traverses the cities of Pasay, Manila and Caloocan. A second LRT built in the 90s starts in Santolan, Marikina, crosses Quezon City and ends at Recto Station in Manila. A Metro Rail Transit also services passengers along Epifanio de los Santos Avenue, from Pasay in the south to North Avenue in Quezon City in the north.
Besides the improved means of transportation as an encouragement for tourists to visit the Philippines are the various malls, which have doubtlessly upgraded the Filipino way of life.
Various business establishment and shops can be found in these malls. Their products range from bakery and food to sports goods and wear, shoes, branded clothes, perfumes, and books.
“Going to the malls is not merely for shopping or eating at the fast-food chains. It’s also for pleasure, for passing away time,” said Joy Garcia, a real estate consultant. She noted that many go to the malls just to relax, because these are air-conditioned.
Side by side with the infrastructure developments in the key cities are the improvements and renovations in various resorts, not to mention the introduction of new games or sports activities for the enjoyment of tourists.
Indeed, the government’s slogan “it’s more fun in the Philippines” is not just a play with words after all.
Why it is more fun in the Philippines
