An end to drought conditions caused by the El Niño weather pattern is spurring growth in the Philippines’ industrial sector, with increased output in food manufacturing.
Philippines Industry
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The automobile industry notched up a robust performance in the Philippines last year, with record sales continuing in early 2015, largely due to economic expansion and the growth of the middle class.
Employment in the business process outsourcing (BPO) industry in the Philippines hit an all-time high in August, following a decade of phenomenal growth that has seen revenues and employment expand ten-fold since 2004.
The automotive sector in the Philippines is on track to break all records for sales in 2014, as rising demand and relatively low ownership rates means there is room for extended growth in the market. But delays in the launch of a government support scheme for the industry could hold back investments.
The business process outsourcing (BPO) industry is playing an increasingly important role in the Philippines economy, both as a source of foreign currency earnings and as a destination for overseas investment. However, the sector could face greater regional competition as its neighbours look to cash in on the growing demand for outsourced services.
Buoyed by a burgeoning middle class and greater availability of financing, the Philippines’ automotive sector is set for strong growth this year, with sales for the usually slow month of August hitting a record high.