Vietnam's economic development is impressive, but there is another country in Southeast Asia that is also worth paying attention to: the Philippines. The country has maintained an economic growth rate of more than 6% for six consecutive years, and in the first quarter of this year it reached 83%, ranking first in Southeast Asia.
The Philippine Secretary of National Socio-Economic Planning, Balisacan, recently announced that the Philippines is confident of achieving its 6% growth target by 2022. This means that the Philippines will set a seven-year record for economic growth of more than 6%.
New York in Asia.
The rapid rise of the Philippine economy is inseparable from the leading role of the capital Manila. Manila was once a colony of the United States, so it is known as the "New York of Asia". Manila is not a simple city, but a metropolis of 14 regions with a total population of more than 20 million, or one-fifth of the country's population. Together, these areas shape Manila's diverse culture and inclusive atmosphere.
Downtown Manila has a famous attraction called Rizal Park, which was established in honor of Jose Rizal, the founding father of the Philippines. José Rizal was a great revolutionary who sacrificed his life for the Filipino people against Spanish colonial rule and died at the age of 35. It is said that when he was shot, he was not afraid of danger and bravely faced death, and was shot seven times before he fell. The Filipino people built the park in his honor.
Roxas Boulevard, next to Rizal Park, is one of the most famous roads in Manila, and it stretches for 10 kilometers from south to north along Manila Bay. On this avenue, you can see the traffic and high-rise buildings, and many modern buildings are hidden among the green trees, forming a unique landscape of Manila.
The sunset over Manila Bay is a famous sight in the Philippines and is no less well-known than the Corniche in Mumbai, India. When the sun sets, take a walk along Roxas Avenue and watch the sunset illuminate the palms, coconut palms and skyscrapers lining the avenue. You can also stand on the seaside, overlooking the vastness of Manila Bay, and see the white yachts sailing on the sparkling sea, which is a picturesque scenery that makes you forget to return.
The four pillars of the service industry.
Manila is a vibrant city where you can feel the shift in global manufacturing and service industries. Manila's service industry has four main categories: business process outsourcing, gaming, foreign exchange, and tourism, which account for 40% of Manila's GDP.
The first is business process outsourcing, the "global English-language call center capital" of the Philippines, which is the lifeblood of its economy, with more than 1.15 million Filipinos working in this industry and bringing more than $23 billion in revenue to the Philippines every year. These revenues are mainly contributed by Manila. The business process outsourcing industry provides 2 million jobs each year, giving many young Filipinos from the bottom the ladder the opportunity to enter the middle class.
The second is the gaming industry, a new economic growth point in Manila in recent years. The Philippines is not only a country where gambling is legalized, but it is also the only country in Asia that has done so. Its offline gaming industry is second only to Macau, and its industry scale is the largest in Asia. Every year, a large number of foreign tourists come to the Philippines, which promotes the development of the gaming industry.
Pasay, southwest of Manila, is a powerhouse of the gaming industry, with upscale hotels and shopping malls showcasing Manila's prosperity. It is also the fastest area in the Philippines in terms of house prices and rents**.
The third is the foreign exchange industry, and one of the pillars of the Philippines' economy is overseas workers, 1Of the 100 million Filipinos, 3 million work overseas, sending more than $30 billion back to the Philippines each year.
Finally, tourism, Manila is the economic center of the Philippines, but also the cultural center, it concentrates more than half of the country's industrial enterprises, mainly automobiles, petrochemicals, electronics, biomedicine, sugar, textiles, printing, food processing, pharmaceuticals, cigarettes, etc. It also concentrates 1 4 colleges and universities in the country, including the University of the Philippines, the University of Santo Tomas, and the Far Eastern University, among others.
Housing prices are skyrocketing.
Due to the strong growth of the Philippine economy, home prices in Manila have also soared, and in the first quarter of 2020, Manila's residential **year-on-year** growth was 22%, ranking first in the world. Now the housing price in the core area of Manila is about 25-3.50,000 yuan square meters, but the per capita annual income is only 35-4.50,000 yuan, it is very difficult for ordinary people to buy a house.
The cost of living in Manila is also high, second only to Singapore and Bangkok in Southeast Asia. For example, the rent of a one-bedroom apartment in central Manila is about 3,000 yuan, which is 56 more than Kuala Lumpur, 47 more than Jakarta, and 31 more than Ho Chi Minh City.
As a result, many Manilans, especially the labor group, choose to share rooms or beds. Even though the rent has fallen, the cost of living is still high, reaching 3,500 RMB per month.
At present, the GDP size of the Manila metropolitan area is about 150 billion, and the fly in the ointment is that Manila also has a serious traffic problem, with a large number of vehicles blocking the road every day, resulting in air pollution and noise pollution. Manila's public transportation system is inadequate, relying mainly on light rail, buses, taxis, and three-wheeled motorcycles. Among them, the three-wheeled motorcycle is the most characteristic means of transportation in Manila, it is a modified motorcycle, with a cockpit added to the back, which can carry two to three passengers, which is cheap, flexible and convenient.
Chinatown in Manila.
In recent years, more and more Chinese have come to Manila in search of business opportunities, and they mainly focus on Manila's Chinatown. Manila's Chinatown, also known as "Wang Bin Street", is named in honor of Wang Bin, an overseas Chinese from Chinese mainland. Wang Bin participated in the struggle against Spanish colonial rule with the Filipino people and was respected by the local people.
Today, Manila's Chinatown is the largest Chinese community in the Philippines, with 600,000 Chinese living here. With its many Chinese-style buildings, shops, restaurants, and temples, it is the cultural center of the Filipino Chinese. Here, you can taste authentic Chinese food, buy a variety of Chinese specialties, and feel the strong Chinese atmosphere.
Manila's Chinatown is also one of the financial centers of the Philippines, with many banks, ** companies, insurance companies, and foreign exchange offices, etc. The financial business here is very busy, and there is a large flow of money every day. Manila's Chinatown is also one of the commercial centers of the Philippines, with many wholesale markets, retail stores, supermarkets, and shopping malls, among others. Business activity here is very active, with a large number of commodities being traded on a daily basis.
Manila's Chinatown is a symbol of the friendship between the Chinese and Philippine peoples, as well as a manifestation of the contribution made by the Chinese community to the economic development of the Philippines. Here, you can see the deep friendship between the Chinese and Philippine peoples, as well as the entrepreneurial spirit and struggle of the Chinese.