TAG: Philippines
With GDP growth coming in at 5.8% for 2015, after averaging 6.2% from 2010-14, the Philippine economy is establishing a record of stable high growth rates, and the long-term growth outlook has improved. The BPO sector appears set to continue snowballing and increasingly leading growth across the economy, and the drop in oil prices is an important positive change, the effects of which are likely to continue to play out for years.
The Philippines continues to confound critics by solidifying its position as an emerging South-east Asian economy following decades of underperformance. In contrast to other “Asian tigers” like Thailand, Malaysia, South Korea, Singapore and Japan, the Philippines’ service sector has been the driving force behind high economic growth.