Exhibiting nominal growth rates of approximately 20% every year, business process outsourcing (BPO) is the Philippines’ most successful major sector. While accounting for only about 2% of national employment in 2012, the sector still makes an oversized contribution to the country’s GDP and especially to growth, both directly and indirectly as it...
Remittances from overseas Filipino workers (OFWs) are vitally important to the economy and, like business process outsourcing (BPO), these revenues tend to take the edge off any economic shocks. In a further similarity to BPO revenues, remittances are also comparatively easy to accrue, requiring no capital investments, equipment or facilities, and...
Of all the free trade agreements (FTA) signed and in negotiation, the Trans-Pacific Partnership (TPP) promises to do the most to improve the fortunes of the Philippines. It will not only lift trade numbers, which is vital if the country is going to grow enough to reach its economic targets, but it will also force it to make a number of difficult...
Citing solid growth, political stability, greater accountability and a low level of exposure to external shocks, Moody’s has joined Standard & Poor’s and Fitch in assessing the Philippines’ sovereign credit rating as investment grade, with the agency holding out the possibility of a further upgrade. On October 3, 2013 Moody’s announced it was...
A diverse country with an intriguing history, the Philippines today is a multi-party, democratic republic, open to foreign investment, and integrated within the regional and international political and economic community. The presidency of Benigno S Aquino III, begun in 2010, has seen continued economic growth and some important breakthroughs in...
In the third quarter of 2013, the Philippines was one of the best-performing economies in the region, second to China (7.8%) and outpacing Indonesia (5.6%), Vietnam (5.1%), Malaysia (5.0%) and Thailand (2.5%). Its GDP was up 7% year-on-year, the fifth consecutive quarter that growth was at least 7%. The Philippines has been laying the groundwork for...
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